Cynthia Ezegwu
The Nigerian naira maintained its current power on Monday, buying and selling round ₦1,466 to the US greenback within the official Nigerian Foreign Exchange Market (NFEM). In the parallel market, the native forex hovered at about ₦1,450 per greenback, in accordance with dwell price trackers from AbokiFX.
Traders attributed the sustained efficiency to continued international alternate inflows and modest liquidity injections which have saved the greenback beneath stress in contrast with ranges seen earlier within the month.
At the road market, sellers quoted purchase and promote charges within the vary of ₦1,445 to ₦1,460, reflecting a narrower hole between the official and parallel market charges than in current months.
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Market individuals stated the naira’s resilience has been supported by improved greenback provide from exporters and lowered speculative exercise. However, analysts cautioned that the native forex stays inclined to fluctuations in exterior inflows and coverage actions by the Central Bank of Nigeria (CBN).
