Nigeria’s naira is expected to hold steady against the U.S. dollar in the coming week, supported by ongoing interventions from the Central Bank of Nigeria (CBN), according to trading sources cited by Reuters.
On Thursday, the naira was quoted at 1,445 to the dollar in the official market, showing a marginal appreciation from 1,447 recorded a week earlier. In parallel, the currency exchanged hands at 1,475 to the dollar in street trading, reflecting a slightly weaker parallel market rate.
Traders expect the naira to trade within a narrow range next week. “I expect the naira to trade within a band of 1,443–1,450 naira next week,” one market participant said. “I don’t foresee any drastic moves from current levels. While there has been consistent demand for dollars, the central bank’s interventions have helped maintain stability.”
Analysts note that the CBN’s sustained foreign exchange interventions are aimed at curbing excessive volatility, reassuring investors, and preserving confidence in the local currency. With both official and parallel market rates showing relative calm, the outlook for the naira appears cautiously optimistic for the immediate term.
Comments are closed.