Nigeria, Dec. 18 -- In the official market, the Nigerian naira remained steady as the demand for the US dollar cooled off during the week's second trading session.

In contrast to the N1,533.56 quoted at the Electronic Foreign Exchange Matching System (EFEMS) on Monday, the local currency settled at N1,534 versus the dollar on Tuesday, according to CBN statistics.

In the face of rising inflation data, the naira shows strength on the official market. According to NBS data, the nation's inflation rate rose from 33.88% in October 2024 to 34.60% in November 2024.

Despite better fundamentals in the official market, importers, currency hedgers, and non-financial end users drove the naira's trading inside the N1665/$ bandwidth.

The CBN's cont...