By Agbafo Ijeoma
The naira recorded slight movements against the US dollar in Nigeria’s foreign exchange market as trading continued on Monday, with the official exchange rate standing at about N1,368.22 to one dollar.
Data from the Central Bank of Nigeria (CBN) showed that the naira closed at N1,368.22 per dollar at the Nigerian Foreign Exchange Market (NFEM), compared with N1,365.53 recorded on Aug 1.
In the parallel market, the dollar was reportedly bought for about N1,410 and sold at N1,425 in Lagos, leaving a difference of roughly N57 between the official and parallel market selling rates.
The official market has maintained relative stability in recent trading sessions, with the naira recording only marginal movements despite continued demand for foreign exchange. The narrowing gap between the official and parallel markets also reflects improved liquidity compared with periods of severe foreign exchange pressure.
Market watchers said the naira’s performance in the coming weeks would depend on factors including foreign exchange inflows from oil exports, diaspora remittances and portfolio investments, as well as the CBN’s management of liquidity in the market.
