The Nigerian naira strengthened slightly in both the parallel and official foreign exchange markets on Monday, July 15, trading at N1,545 per dollar in unofficial trading compared to N1,550 over the weekend. In the Nigerian Foreign Exchange Market (NFEM), the currency appreciated to N1,528.65 per dollar from Friday’s close of N1,532, according to Central Bank of Nigeria (CBN) data.
The marginal appreciation has narrowed the gap between official and parallel market rates to N16.35 per dollar, down from N18 previously. Analysts attribute the naira’s modest gains to several factors including increased foreign portfolio investments, higher crude oil revenues, and the CBN’s ongoing market interventions. However, currency dealers maintain cautious optimism, noting the market remains vulnerable to external shocks and domestic economic conditions.
Financial experts emphasize that sustaining the naira’s recovery will require continued policy reforms, growth in non-oil exports, and measures to boost investor confidence in Nigeria’s foreign exchange system. The CBN has maintained its strategy of periodic dollar injections to stabilize the currency, though demand pressures from importers and travelers continue to test the market’s resilience.
