The Nigerian naira continued to strengthen on Monday, trading at around ₦1,466 per US dollar in the official Nigerian Foreign Exchange Market (NFEM), while the dollar was sold for about ₦1,450 in the parallel (black) market, according to data from AbokiFX.
Traders explained that the official rate — which is an average based on interbank transactions — reflects steady dollar inflows and modest liquidity injections into the system. These factors have helped push the dollar lower compared to earlier in the month.
Read Also;
Stocks Flat, Dollar Steadies as Gold Hits Record Highs Ahead of U.S. Data
In the parallel market, AbokiFX’s live updates showed that dealers were buying and selling dollars between ₦1,445 and ₦1,460, keeping the gap between the official and black-market rates smaller than it has been in recent months.
Market analysts noted that the naira’s recent stability is largely due to increased foreign exchange supply from exporters and reduced speculative trading. However, they cautioned that the currency’s performance still depends on external dollar inflows and decisions by the Central Bank of Nigeria (CBN).
