The Nigerian naira began the new trading week on a softer footing, exchanging at ₦1,533.67 per US dollar at the official Nigerian Foreign Exchange Market on Monday, according to data from the Central Bank of Nigeria (CBN).
This marks a slight depreciation from Friday’s closing rate of ₦1,532.51/$, representing a 0.08% decline.
Market figures showed the currency touched an intraday high of ₦1,535/$ and a low of ₦1,532/$, even as Nigeria’s external reserves rose to $40.72 billion as of last Wednesday.
In the parallel market, the naira closed at ₦1,543/$, a marginal improvement from last week’s average of ₦1,545/$.
Analysts had earlier projected relative stability in the official window, buoyed by sustained CBN interventions and improved foreign exchange inflows.
Don’t Miss This: South Sudan Denies Talks to Resettle Palestinians from Gaza
Research firms, however, cautioned that external pressures may weigh on the currency. Cowry Research noted that “a stronger US dollar and weakening crude prices could limit further gains,” though it expects the naira to remain mostly stable barring major global shocks.
Similarly, AIICO Capital highlighted that the CBN sold about $166 million in the past week, adding that fiscal measures and policy refinements would likely maintain liquidity in the interim.
Cordros Capital also pointed to continued foreign portfolio inflows, stronger market confidence, and rising non-oil exports as key drivers of stability, while noting limited incentives for speculative trading against the naira.
Image Credit: Mynigeria
