Naira Slips Marginally by 0.1% Against the Dollar

The Naira began the week with a slight decline on Monday, closing at N1,448.43 per dollar at the official foreign exchange market.

Figures released by the Central Bank of Nigeria (CBN) indicate the currency weakened by N1.69, a 0.1% drop from Friday, Nov. 28, when it exchanged at N1,446.74.

Analysts said the mild depreciation reflected routine market fluctuations, adding that the Naira has shown improved steadiness compared with earlier periods of sharp volatility.

The currency’s relative calm has earned praise from investors who argue that recent foreign exchange reforms have enhanced transparency, confidence, and overall market predictability.

CBN Governor Olayemi Cardoso highlighted several policy moves that have reduced opacity, discouraged market manipulation, and strengthened discipline—creating what he described as a more open and efficient FX system.

Speaking at the 2025 60th Annual Bankers Dinner in Lagos, Cardoso stated that the Naira now moves within a narrow and stable band, a development he said benefits both the business community and investors.

He also underscored the significant narrowing of the gap between the official and parallel market exchange rates, which he noted is now below 2%, compared to over 60% in the past.

Cardoso added that ongoing reforms and consistent policy direction remain crucial for sustaining FX stability, bolstering investor confidence, and supporting Nigeria’s long-term economic growth goals.

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