The Naira commenced the new trading week on a relatively stable note, exchanging at N1,532.54 to the U.S. dollar at the official market on Monday.

According to data published on the Central Bank of Nigeria’s (CBN) official website, the local currency slipped by 20 kobo compared to Friday’s closing rate of N1,532.34, representing a marginal depreciation of 0.01 per cent.

The slight decline highlights the persistent pressure on the Naira in the foreign exchange market, driven largely by sustained demand for the U.S. dollar.

Despite the minimal drop, the currency’s stability suggests cautious optimism among market players, supported by the CBN’s continued efforts to manage liquidity and reduce volatility.

The apex bank has sustained interventions such as regular forex auctions and curbs on speculative trading to defend the Naira. However, analysts point to external factors including global oil price fluctuations and the state of Nigeria’s foreign reserves as critical to the currency’s long-term performance.

Experts also link the Naira’s movement to broader economic fundamentals, particularly Nigeria’s dependence on crude oil exports, which contribute over 80 per cent of the nation’s foreign exchange earnings.