Nigeria’s naira gained modest ground against the dollar on Monday morning, trading at ₦1,357.26 per dollar at the official Nigerian Foreign Exchange Market (NFEM) window.
Data published on the Central Bank of Nigeria’s trading platform confirmed the rate at precisely ₦1,357.2615 to the dollar, against ₦1,361.0497 recorded at an earlier session, a gain of approximately ₦3.79.
At the prevailing rate, $100 exchanged for roughly ₦135,726 at the official window, a figure that continues to reflect the significant depreciation pressures the currency has faced in recent years.
Market data tracking the NFEM rate through the first week of June showed a modest but consistent strengthening trend, suggesting that dollar supply may have improved marginally, likely supported by a combination of oil receipts and renewed foreign portfolio interest in Nigerian fixed-income instruments.
Despite the encouraging figures, analysts are urging measured optimism. The naira’s trajectory in the coming sessions, they note, will hinge on the strength of FX inflows, foreign portfolio investments, crude oil receipts, and broader market liquidity conditions, variables that remain sensitive to both CBN policy signals and the unpredictable currents of global commodity markets.
With structural imbalances in Nigeria’s foreign exchange market still unresolved, most seasoned watchers agree: Monday’s gain is a step in the right direction, but the naira’s path to sustained stability remains a longer and harder road.
WHAT YOU SHOULD KNOW
The naira’s modest appreciation to ₦1,357.26 per dollar on Monday is an encouraging sign, but Nigerians and market watchers should not mistake a small gain for a turnaround.
The currency’s stability remains hostage to crude oil receipts, foreign portfolio inflows, and CBN policy decisions, none of which are guaranteed.
Until Nigeria addresses the deeper structural imbalances driving FX demand, the naira will remain vulnerable, and any gains, however welcome, could reverse just as quickly as they came.
