Naira Shows Resilience, Steady at N1,351 Against Dollar

The Nigerian naira held firm in the official forex market, closing at N1,351 to the U.S. dollar, signaling stability after weeks of volatility. Market observers attribute the steadiness to increased dollar inflows and smoother trading conditions.

Improved supply from foreign investors and local participants helped narrow fluctuations, allowing the naira to maintain a stable position. Traders reported more predictable trading patterns compared with recent months.

The official forex window continues to show better liquidity, providing confidence to businesses and investors who rely on stable exchange rates for transactions. Meanwhile, the parallel market recorded slight gains, although rates remain higher than the official rate.

Economists say sustaining this balance will require continued dollar inflows and careful management of the forex market, but current trends suggest the naira could retain its stability in the near term.