On Monday, the Nigerian naira maintained its recent upward momentum, trading near ₦1,466 against the US dollar within the official Nigerian Foreign Exchange Market (NFEM). Meanwhile, the parallel or street market, as monitored by AbokiFX, valued the dollar at approximately ₦1,450.
The official NFEM rate, which is a volume-weighted average based on interbank transactions, indicates sustained foreign currency inflows alongside moderate liquidity support. These factors have collectively exerted downward pressure on the dollar compared to earlier figures this month.
In the informal market, AbokiFX’s real-time data revealed that dealers were exchanging dollars in the mid-₦1,400 range, with buy and sell prices generally hovering between ₦1,445 and ₦1,460 on Monday. This pricing narrows the disparity between the official and street exchange rates, a contrast to the wider gaps observed in previous months.
Market analysts attribute the naira’s steadiness this week to a blend of enhanced foreign exchange availability from exporters and a reduction in speculative trading activities. However, experts caution that the currency remains susceptible to fluctuations driven by changes in external capital flows and central bank interventions.