Nigerian Naira Stable Against Dollar Amid Festive Demand

The Nigerian Naira showed mild fluctuations against the Dollar during the Christmas Eve trade, with the official exchange rate averaging at 1,453.70 Naira to a Dollar. Despite increased demand associated with the holiday season, the FX market remained stable, with the Central Bank of Nigeria reporting a relatively calm market.

The parallel market traded at a premium to the official rate, with rates ranging from 1,465 to 1,475 Naira to a Dollar. Analysts attribute the stability to ongoing foreign exchange reforms and convergence policies, promoting transparency and price discovery in the market.