Naira Holds Firm Against Dollar Amid Improved Liquidity on Nov 10

The naira maintained stability against the U.S. dollar on Monday, November 10, across both the parallel market and the Nigerian Foreign Exchange Market (NAFEM).

Currency dealers in Abuja told Economic Confidential that the naira traded at ₦1,455/$1 for buying and ₦1,465/$1 for selling — unchanged from the weekend’s closing rate.

At the official window, the local currency also held firm, closing at ₦1,436/$1 compared to ₦1,438/$1 recorded on Thursday.

Analysts attributed the naira’s stability to improved dollar supply and sustained interventions by the Central Bank of Nigeria (CBN) aimed at boosting market liquidity and curbing speculative trading. The apex bank has continued clearing forex backlogs and ensuring steady inflows through authorized dealers.

They further noted that reduced dollar demand from importers, increased remittance inflows ahead of the festive season, and improved investor confidence from ongoing fiscal and monetary reforms have strengthened overall market stability.