The Nigerian naira maintained its recent momentum on Monday, trading at approximately ₦1,466 per US dollar in the official Nigerian Foreign Exchange Market (NFEM), while the parallel market — tracked by AbokiFX — quoted the dollar at around ₦1,450.
According to traders, the NFEM rate, which represents a volume-weighted average of interbank transactions, benefited from steady foreign exchange inflows and modest liquidity injections that have helped ease pressure on the local currency. The result marks a notable improvement from the higher exchange levels seen earlier in the month.
In the parallel market, live feeds from AbokiFX showed dealers buying and selling the greenback in the mid-₦1,400 range, with most quotes clustering between ₦1,445 and ₦1,460. The narrower spread between official and street rates suggests a relatively stable currency environment, a contrast to the wider gap recorded in previous months.
Currency dealers attributed the naira’s resilience to a pickup in dollar supply from exporters, as well as reduced speculative trading following tighter regulatory monitoring. However, analysts cautioned that the outlook remains fragile, warning that the local unit is still susceptible to fluctuations in foreign inflows, global market sentiment, and Central Bank policy actions.
While the naira’s steadiness offers a measure of relief for businesses and consumers alike, market watchers say the coming weeks will test whether the currency can hold its ground amid evolving macroeconomic conditions and external pressures.