The Nigerian naira began the new week on a stable note against the United States dollar, maintaining a relatively steady performance in both the official and parallel foreign exchange markets.
At the official Nigerian Foreign Exchange Market (NFEM), the naira is trading at around ₦1,368 per US dollar, with the latest closing rate recorded at ₦1,368.22/$ as of August 2.
The local currency has remained within a narrow trading range in recent sessions, reflecting improved stability in the official market despite ongoing demand for foreign exchange.
Analysts say the naira’s steady performance signals a period of reduced volatility, although market participants continue to monitor foreign exchange liquidity, external inflows, and monetary policy measures that could influence the currency’s direction in the coming weeks.
The parallel market also recorded little movement, with the naira holding broadly stable against the dollar, underscoring a calm start to the trading week across Nigeria’s foreign exchange market.
