Naira opened at ₦1,385.27 per Dollar at the Nigerian Foreign Exchange Market (NFEM) Wednesday, as traders reported steady supply from autonomous sources.

Several factors are contributing to the current exchange rate environment as the market enters April.

While the first day of the quarter often sees a surge in demand as firms settle international invoices, the high level of system liquidity, which exceeded ₦8 trillion at the end of March, has prevented any immediate spikes in the rate.