The Nigerian naira traded within a relatively stable range against the United States dollar on Thursday morning across both the official and parallel foreign exchange markets.
Data from the Central Bank of Nigeria (CBN) showed that the naira exchanged at about ₦1,375.41 per dollar at the official Nigerian Foreign Exchange Market (NFEM), maintaining a steady performance in recent sessions.
In the parallel market, commonly referred to as the black market, the dollar sold at an average of around ₦1,390, while the buying rate stood at approximately ₦1,378.
Traders attributed the narrow gap between the two markets to improved foreign exchange supply and continued reforms by the Central Bank aimed at stabilising the currency market.
Recent trends indicate that the naira has largely fluctuated within the ₦1,370 to ₦1,390 range over the past week, reflecting reduced volatility compared to earlier periods of sharp swings.
Financial analysts say market participants are closely monitoring liquidity levels, external reserves, and monetary policy decisions, which remain key drivers of exchange rate movements.
The Central Bank of Nigeria has maintained that its ongoing reforms are designed to enhance transparency, attract investment, and ensure long-term stability in the foreign exchange market.
