The Nigerian naira held onto recent gains on Monday, trading around ₦1,466 to the US dollar in the official Nigerian Foreign Exchange Market (NFEM) while the parallel (street) market — tracked by AbokiFX — quoted the greenback at about ₦1,450.
Traders said the official NFEM figure — a volume-weighted average derived from interbank trading — reflected continued inflows and modest liquidity injections into the market, which have pressured the dollar lower compared with levels seen earlier this month.
The Nigerian naira held onto recent gains on Monday, trading around ₦1,466 to the US dollar in the official Nigerian Foreign Exchange Market (NFEM) while the parallel (street) market — tracked by AbokiFX — quoted the greenback at about ₦1,450.
Traders said the official NFEM figure — a volume-weighted average derived from interbank trading — reflected continued inflows and modest liquidity injections into the market, which have pressured the dollar lower compared with levels seen earlier this month.
Market participants said the naira’s resilience this week reflects a combination of improved foreign exchange supply from exporters and tighter speculative activity, though analysts warned that the currency remains vulnerable to shifts in external flows and central-bank operations.
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