The Naira began the week with a mild slip on Monday, exchanging at N1,448.43 to the Dollar at the official foreign exchange window.
Figures from the Central Bank of Nigeria indicated a marginal loss of N1.69, or 0.1 per cent, from the previous Friday’s closing rate of N1,446.74. Market watchers described the movement as a routine adjustment, noting that the currency has shown far more stability compared to the sharp swings seen earlier in the year.
The relative calm in the FX market has earned positive remarks from investors who credit ongoing reforms for improving transparency and predictability.
CBN Governor, Olayemi Cardoso, speaking at the 60th Annual Bankers Dinner in Lagos, highlighted measures taken to curb manipulation, strengthen market discipline, and enhance openness in the FX system. He noted that the Naira now trades within a narrow and steady band that benefits both the business community and investors.
According to him, the once-wide gap between the official and parallel market rates has narrowed significantly to less than 2 per cent, a major shift from the previous spread of over 60 per cent.
Cardoso stressed that consistency in policy direction and the continuation of reforms will be critical to sustaining the current momentum, deepening investor confidence, and supporting overall economic growth.
