The Nigerian naira opened the week on a relatively stable footing against the United States dollar, reflecting broader calm in the country’s foreign exchange market.
Early trading on Monday showed the currency holding around ₦1,420.59 per $1 in the official Nigerian Foreign Exchange Market (NFEM), marking a slight improvement from levels seen late last week.
Market data indicated that the naira touched a session high of ₦1,422.59 before settling lower, representing a modest 0.14 per cent appreciation in the first hours of trade.
Analysts attributed the relative stability to ongoing Central Bank of Nigeria (CBN) liquidity support and improved external reserves, which have helped quell some of the volatility that characterised previous months.
In the parallel (black) market, the naira also showed resilience, trading around ₦1,485 per $1, with slight variation depending on location and dealer rates.
Despite the persistent gap between official and informal market rates, the narrower spread compared with historical extremes suggests that forex reforms and market interventions are contributing to greater confidence among investors and traders in the currency’s near-term trajectory.
Economists are expected to closely watch the CBN’s upcoming monetary policy meetings, which may provide further signals on interest rate direction and forex management strategies for the rest of 2026.