Naira opened the week with a slight depreciation, trading at N1,448.43 per dollar at the official foreign exchange market, down by N1.69 or 0.1 per cent from Friday’s rate of N1,446.74. Analysts described the movement as a normal adjustment, noting that the currency remains far more stable than in previous months. Investors have commended the improved confidence and transparency in the market, while CBN Governor Olayemi Cardoso said reforms have reduced opacity, curbed manipulation and restored discipline.
Speaking at the 2025 60th Annual Bankers Dinner in Lagos, he noted that the Naira now trades within a narrow range and that the gap between official and parallel market rates has dropped to under 2 per cent, down from over 60 per cent. He added that “sustained reforms and consistent policies are essential to maintaining stability, boosting investor confidence, and supporting Nigeria’s broader economic growth objectives.”