CBN releases new FX data 

By Philippine Duru

philippineobetoduru@gmail.com

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The naira maintained a relatively stable performance at the official foreign exchange market on Thursday, trading at around ₦1,375.41 per dollar at the Nigerian Foreign Exchange Market (NFEM) window, according to data released by the Central Bank of Nigeria (CBN).

Currency traders attributed the steady exchange rate to improved foreign exchange supply and the continued implementation of reforms introduced by the apex bank to stabilise the market.

The CBN has consistently stated that its ongoing foreign exchange reforms are aimed at enhancing transparency, restoring investor confidence, and ensuring long-term stability of the naira.

Recent market data showed that the local currency has largely traded within the ₦1,370 to ₦1,390 range over the past week, indicating reduced volatility compared to earlier periods marked by sharp fluctuations in the foreign exchange market.

Financial analysts noted that investors and businesses are closely monitoring liquidity levels, external reserves, and monetary policy decisions, which remain major factors influencing exchange rate movements in Nigeria’s FX market.