Naira to Dollar Rate Holds Near ₦1,358 Amid CBN Support

The naira traded at roughly ₦1,358 per U.S. dollar on Tuesday in the official Nigerian Foreign Exchange Market (NFEM), a modest gain from the previous session where rates floated between ₦1,352 and ₦1,365 depending on transaction size and the participating bank. The marginal appreciation follows a series of interventions by the Central Bank of Nigeria (CBN) that have helped stabilise the currency in the official market. Analysts pointed to a modest uptick in foreign‑exchange inflows, which have bolstered supply and tempered the impact of ongoing demand pressures. Despite the slight strengthening, demand for dollars remains robust. Importers, manufacturers, families paying school fees and travellers continue to seek foreign currency, keeping the market under strain. Currency dealers warned that the naira’s trajectory will stay closely linked to external variables, notably global oil prices, the flow of foreign portfolio investments and any forthcoming monetary‑policy decisions by the CBN. The current level reflects a balance between the CBN’s liquidity‑support measures and the persistent appetite for hard currency among businesses and households. Any shift in oil revenue, which remains Nigeria’s primary source of foreign exchange, could quickly alter market dynamics. Likewise, changes in the central bank’s policy rate or its foreign‑exchange allocations are likely to reverberate through the NFEM in the weeks ahead. Stakeholders are watching for signals from the CBN’s next policy meeting, as well as trends in oil export receipts, to gauge whether the naira can sustain its recent gains or if further depreciation is imminent. The prevailing view among market participants is that the currency’s near‑term path will be shaped by the interplay of these macro‑economic forces rather than domestic short‑term factors alone.