The Nigerian currency, the Naira, began the week on a relatively stable note, trading at about ₦1,356.74 to the dollar at the official window on Monday, following days of mild fluctuations in mid-March.
Figures from the Nigerian Foreign Exchange Market indicated that the exchange rate has recently moved within a band of ₦1,344 to ₦1,370, with intraday highs touching ₦1,362.00, while average closing rates hovered around ₦1,355.
The currency’s performance has been supported by a more favorable economic environment, particularly Nigeria’s rising external reserves, which are estimated to be close to the $50 billion mark.
A key driver of this improvement is steady crude oil production, currently averaging about 1.46 million barrels per day, alongside relatively strong global oil prices.
Policy direction from the Central Bank of Nigeria has also contributed to the stability.
The bank has maintained a tight monetary stance, keeping interest rates elevated in a bid to curb inflation, which has eased slightly to around 15.10 percent.
Investor confidence has further strengthened after the apex bank confirmed that 30 major financial institutions met the new capital requirements ahead of the March 31 deadline, reinforcing stability in the financial system.
Overall, the Naira’s current position reflects a mix of cautious optimism and improving macroeconomic indicators, even as market watchers remain alert to global and domestic pressures.
