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The naira strengthened at the official window while holding near N1,358 in the parallel market as traders positioned for the September inflation release.

Lower intervention reflects a calmer currency market and record reserves, but analysts caution it may also signal compressed import demand rather than a self-sustaining market.

The naira held broadly steady around N1,370 to the dollar as stronger reserves, tighter policy and returning portfolio inflows kept the currency within a narrow range.

The gap between spot and forward rates has narrowed, easing one source of corporate uncertainty.

Exchange-rate stability is now the swing factor in the earnings of almost every large listed company.

Positive real yields are drawing domestic institutions back into the long end.