The Naira traded around ₦1,370.33 against the United States dollar at the official Nigerian Foreign Exchange Market (NFEM) on Monday, reflecting relative stability in the country’s foreign exchange market.
Data from the official exchange rate window on Monday showed the dollar exchanging at approximately ₦1,370.33/$ at the Nigerian Foreign Exchange Market (NFEM).
The Central Bank of Nigeria derives the official daily exchange rate using a volume-weighted average of completed transactions.
In the parallel market, also known as the black market, the US dollar traded at about ₦1,400 per dollar for selling, while the buying rate hovered around ₦1,385/$.
Supported by ongoing liquidity management measures and reforms aimed at improving price discovery, the development reflects relative stability in the country’s foreign exchange market.