The naira opened at ₦1,379.05 per dollar in Wednesday’s trading session at the Nigerian Foreign Exchange Market (NFEM), fluctuating within a narrow range during early transactions.
The local currency briefly strengthened to ₦1,376.02 before easing slightly. By 7:30 a.m. WAT, it was quoted at around ₦1,377.04 to the dollar.
The Central Bank of Nigeria (CBN) maintained its previous closing rate near ₦1,384.29, reflecting a slight depreciation compared to February’s average of ₦1,364.74.
Despite sustained demand for foreign exchange, the market has remained relatively stable under the CBN’s “willing-buyer, willing-seller” framework. The parallel market has closely tracked movements in the official window, with the dollar trading between ₦1,385 and ₦1,395 — a spread of roughly 1.2 to 1.5 percent.
Key fundamentals continue to influence the exchange rate. The CBN recently held the Monetary Policy Rate (MPR) steady at 26.50 percent following a 50-basis-point reduction. Nigeria’s foreign reserves remain strong, giving the apex bank room to intervene when liquidity tightens.
Meanwhile, steady crude oil output of about 1.46 million barrels per day has helped cushion rising import demand in the first quarter, supporting foreign currency inflows into the economy.
