The Nigerian currency has recorded a slight appreciation against the United States dollar, trading at an average of ₦1,380.75 in the official foreign exchange market.
Data from the Central Bank of Nigeria (CBN) showed that the Naira strengthened marginally compared to its closing rate at the end of March, reflecting improved liquidity and sustained policy interventions.
During Thursday’s trading session, the currency maintained relative stability, fluctuating within a narrow range and reaching a daily high of ₦1,381.12 before settling at its average rate.
The development indicates a cooling of speculative pressures that have previously affected the Nigerian Foreign Exchange Market.
Against other major currencies, the Naira also held firm, exchanging at ₦1,748.20 to the British Pound and ₦1,501.44 to the Euro, signalling broader stability across official windows.
Analysts say the relative calm in the market aligns with ongoing efforts by the apex bank to harmonise exchange rates and curb arbitrage.
The stability of the Naira remains critical to the Federal Government’s inflation control strategy, as reduced volatility is expected to lower the cost of imports and ease pressure on household expenses.
