Naira Holds Steady at ₦1,437–₦1,444 to Dollar as CBN Policies Support Stability

The naira maintained relative stability on Friday, November 7, trading between ₦1,437 and ₦1,444 to the US dollar at the official Nigerian Foreign Exchange Market (NFEM).

Data from the Central Bank of Nigeria (CBN) showed minimal movement in the volume-weighted average price, reflecting steady market conditions.

At the parallel market in Lagos and other major cities, dealers quoted the dollar between ₦1,440 and ₦1,455, with some unverified reports indicating trades as high as ₦1,515.

This suggests that black-market rates remain ₦10 to ₦70 weaker than the official NFEM rates.

Traders attributed the naira’s steady performance to stronger dollar inflows into the official window and the continued implementation of policy measures by the CBN.

Analysts noted that the central bank’s decision in September to begin easing interest rates has helped dampen foreign exchange volatility since mid-2025.

Despite official market stability, the parallel market continues to be influenced by demand for dollars to finance imports, fuel purchases, and other commercial activities.

Confidence among bureau de change operators also plays a role in rate fluctuations.