According to the latest data from the Central Bank of Nigeria’s exchange rate portal, the naira closed at approximately ₦1,363.83 per US dollar at the official Nigerian Foreign Exchange Market (NFEM) at the beginning of the new trading week.
In recent days, the official market has remained mostly within the ₦1,360 range, bolstered by ongoing reforms and increased foreign exchange supply.
The naira has demonstrated greater stability lately, with official rates moving within a relatively narrow band. Earlier reports showed the currency trading near ₦1,360.55 per dollar at the NFEM, while parallel market rates stayed between ₦1,400 and ₦1,405 per dollar.
Analysts attribute the relative calm in the foreign exchange market to sustained liquidity, enhanced transparency within the unified exchange system, and vigilant oversight by monetary authorities. The CBN has also emphasized that the NFEM rate is calculated as a volume-weighted average and serves as Nigeria’s official exchange rate benchmark.
At current rates, $100 is equivalent to about ₦136,383 at the official NFEM window.
