The Naira opened at 1,398.24 per dollar in the Nigerian Foreign Exchange Market (NFEM) early Tuesday, with rates reaching a high of 1,398.82 before gaining some ground.
It appreciated to 1,396.24 per dollar by mid-morning sessions, as market supply from the Central Bank of Nigeria (CBN) and authorised dealers met the prevailing demand.
Authorised dealers reported that the apex bank has been proactive in ensuring the “willing-buyer-willing-seller” model remains functional, which has prevented the speculative spikes that historically plagued the market on Tuesday mornings.
Market analysts say the sustained convergence is a result of the CBN’s consistent supply to Bureau De Change (BDC) operators, which has decentralised foreign exchange access and reduced the urgency for high-premium transactions in the informal sector.
Several key factors are driving the backdrop for the Naira – Nigeria’s gross foreign reserves recently surpassed the 50 billion dollar mark, providing a formidable defense against currency volatility and external shocks.
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With headline inflation falling to 15.10% in the latest reports, the real value of the Naira has stabilised, making it more attractive for both domestic and foreign investors.
Crude oil production has remained steady at 1.46 million barrels per day, ensuring a reliable stream of petrodollars that underpins the stability of the NFEM.
Again, following the 50-basis-point cut in the Monetary Policy Rate (MPR) to 26.5% late last month, the market has entered a stabilisation phase that favours long-term capital inflows.
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