The naira began the week on a softer note in the Nigerian Foreign Exchange Market (NFEM) despite the Central Bank’s $100 million FX intervention carried out late last week.
The currency continues to face pressure from elevated demand for the U.S. dollar, driven by year-end import obligations and multinational companies repatriating funds as the calendar winds down.
Fresh FX figures released by the Central Bank indicated that the official exchange rate touched an intraday peak of N1,457/$, marking a modest depreciation from Friday’s midday level.
Although the apex bank boosted liquidity with a $100 million FX sale to authorised dealers in a bid to enhance dollar availability, the intervention did little to halt the naira’s downward drift, which extended into Monday’s trading session.
Consequently, the official market rate slid by 0.10% to N1,451.86/$ at the NAFEM window, following persistent demand pressures tied to end-of-year commercial transactions.
Meanwhile, in the parallel economy, the exchange rate held steady at N1,463/$, highlighting the widening divergence between the regulated FX environment and the informal segment.
Market watchers expect the gap between the two markets to shrink gradually as the Central Bank moves ahead with its plan to reduce licensed Bureaux de Change operators to 82 nationwide. According to sources, authorities are preparing to begin supplying FX to the informal market starting in 2026 as part of broader reforms aimed at aligning the naira’s real value.
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