The naira opened Wednesday at ₦1,385.27 per dollar at the Nigerian Foreign Exchange Market, maintaining relative stability amid steady FX supply from autonomous sources.
As the second quarter begins, demand pressures from firms settling international obligations have been tempered by robust system liquidity, which stood above ₦8 trillion at the end of March.
Despite a slight dip in external reserves, Nigeria’s holdings remain solid at about $49.40 billion, supported by sustained output and favourable global prices for Bonny Light crude.
Market confidence has also been reinforced by the continued deployment of the Electronic Foreign Exchange Matching System, which has helped curb the volatility that once plagued the official window.
Analysts expect the naira to trade within the ₦1,380 to ₦1,420 range in the days ahead, as investors await the Central Bank of Nigeria’s next interest rate decision.
