LAGOS, NIGERIA — The Nigerian Naira extended its positive trajectory at the official foreign exchange market, gaining N5.34 against the United States Dollar as market liquidity and foreign reserve stability continue to support the local currency.
According to official trading data from the Central Bank of Nigeria (CBN), the local currency strengthened to N1,347.53 per dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEM), representing a 0.39% appreciation compared to the N1,352.87/$1 rate recorded in the previous session.
A similar trend played out across the parallel market, where the currency appreciated by N2 to trade around N1,378/$1, while commercial banking counters saw retail rates improve by N5 to close at N1,365/$1.
The local currency also demonstrated broad-based strength against other major foreign currencies at the official window. The British Pound appreciated by N12.48 to settle at N1,790.86/£1, while the Euro gained N8.25 to close at N1,500.34/€1.
Financial market analysts attribute the sustained resilience of the Naira to robust foreign reserve buffers, which remain steady above $55 billion, supported by diaspora remittances and crude export earnings. Daily turnover at the official interbank window moderated to $244.61 million, with the narrow margin between the official and parallel market rates signaling continuing convergence across foreign exchange trading channels.
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