The Nigerian naira edged lower on Monday, closing the official foreign‑exchange window at N1,451.86 for each US dollar. This modest decline follows the previous week’s rate of N1,450.42 per dollar and reflects a gentle weakening in the official market.
Market observers attribute the dip to typical year‑end demand pressures, noting that increased dollar purchases during the holiday season tend to weigh on the naira.
At the same time, traders are holding back, awaiting clearer guidance from monetary authorities that could shape the currency’s short‑term direction.In the parallel market, the naira was changing hands around N1,455 to the dollar, leaving a small premium of roughly N3‑4 over the official rate.
This gap underscores the persistent divergence between the two exchange windows despite recent efforts to harmonise them.
Nigeria’s foreign reserves have risen to a six‑year high of about $45 billion, offering some cushion to the currency. Nevertheless, analysts caution that the naira’s trajectory will hinge on forthcoming policy decisions and the extent to which the gap between official and informal rates can be narrowed.
