The naira remained steady at ₦1,534.20 per US dollar on Monday at the official Central Bank of Nigeria (CBN) exchange rate, holding unchanged for the third consecutive day per CBN data.
The stability follows Friday’s close at ₦1,534.71, signaling a narrow trading band in the official forex window.
During intraday trading, the spot rate momentarily hit a high of ₦1,535.50 per dollar, while some trades settled as low as ₦1,532, reflecting underlying demand pressures.
In contrast, the naira-to-dollar black market trades today showed a buying rate of ₦1,535/US$, and a selling rate of ₦1,545/US$.
These averages across key parallel market hubs underscore continued reliance on the informal forex market by many importers and individuals.
Nigeria’s gross external reserves reached US$38.765 billion, buoyed by sustained inflows, according to recent CBN data