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Stable FX Demand, Supply Keeps Naira at N1,549
The Business NG
|The BusinessNG
The Nigerian naira remained stable against the U.S. dollar on Tuesday, closing at 1,549.26/$1 in the official market, supported by balanced foreign exchange (FX) demand and sustained dollar supply. This reflects only a marginal movement from the previous rate of 1,549.04/$1, according to data from the Central Bank of Nigeria (CBN).
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Market analysts attributed the naira's current stability to the CBN's consistent FX interventions, improved macroeconomic fundamentals, and renewed foreign investor confidence in Nigeria's financial markets.
The naira has been trading within a tight band between 1,500 and 1,600 per dollar in recent weeks, a trend expected to continue in the near term as authorities step up policy reforms and foreign exchange management.
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