The naira remained relatively stable against the US dollar on Monday, trading at ₦1,370.33/$ at the Nigerian Foreign Exchange Market (NFEM).

Data from the official exchange window showed the local currency maintaining its position as the Central Bank of Nigeria (CBN) continued reforms aimed at improving liquidity and price discovery in the foreign exchange market.

At the parallel market, the dollar traded at about ₦1,400/$ for selling and ₦1,385/$ for buying, leaving a modest gap between the official and black market rates.

The CBN determines the official exchange rate using a volume-weighted average of completed transactions, a system designed to promote transparency and reflect actual market activity.

The relative stability in the exchange rate comes amid ongoing monetary reforms and liquidity management measures aimed at strengthening confidence in Nigeria’s foreign exchange market.