Naira Holds Steady Near N1,360/$ as CBN Reforms Continue to Anchor the Market

The naira has held relatively steady against the dollar in recent trading, with the official rate hovering close to N1,360/$ and the parallel market trading at a modest premium. Currency analysts credit the stability to the Central Bank of Nigeria’s continued reform push, including tighter monetary policy and efforts to unify Nigeria’s foreign exchange windows.

The relative calm in the FX market comes even as inflation remains elevated, with the Consumer Price Index still running in the mid-teens year-on-year. The CBN has signalled its benchmark rate could stay high well into next year as it prioritises price stability over near-term growth support.

For businesses and households, the steadier exchange rate has offered some relief after years of volatility, though many Nigerians say the cost of living remains a bigger concern than the naira’s performance on paper.