Latest available official data from the Central Bank of Nigeria (CBN) showed that the naira traded approximately ₦1,373.25 per dollar at the Nigerian Foreign Exchange Market (NFEM) on Wednesday, maintaining the level recorded at the close of the previous trading sessions.
The rate reflects the volume-weighted average exchange rate used by the market and recognised by the CBN.
Market data from currency tracking platforms also indicated that the official exchange rate remained within the ₦1,370–₦1,375 range, highlighting continued stability in the formal forex market.
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Analysts attribute the convergence to improved forex liquidity and ongoing reforms aimed at boosting transparency in the foreign exchange market.
Based on prevailing market rates, $100 would exchange for approximately ₦137,325 at the official NFEM rate, while the same amount could fetch between ₦138,500 and ₦140,000 in the parallel market.
