Nigeria’s foreign exchange market opened the new trading week on a steady note, with the naira closing at ₦1,363.83 per dollar at the official Nigerian Foreign Exchange Market (NFEM), while the dollar traded at approximately ₦1,395 in the parallel market, reflecting a gap of about ₦31.17 between both segments.
The latest figures from the Central Bank of Nigeria’s exchange rate portal showed only marginal movement in the official market, where the naira has largely remained within the ₦1,360 range in recent trading sessions.
Market observers say the currency’s recent stability has been supported by improved foreign exchange liquidity and ongoing reforms aimed at enhancing transparency in the country’s forex market.
In the parallel market, commonly referred to as the black market, the dollar exchanged at around ₦1,395, according to bureau de change operators and market trackers.
The difference between the official and parallel market rates has narrowed compared to wider spreads recorded in previous months, suggesting improved alignment across the foreign exchange market.
Recent trading data showed the naira fluctuating within a relatively narrow band. Earlier reports indicated the currency traded near ₦1,360.55/$ at the NFEM window, while black market rates ranged between ₦1,400 and ₦1,405 per dollar.
Financial analysts attribute the relative calm in the market to sustained dollar supply, increased transparency within the unified exchange rate framework, and continued oversight by monetary authorities.
The Central Bank maintains that the NFEM rate is determined through a volume-weighted average of transactions and serves as Nigeria’s official exchange rate benchmark.
At the current rates, $100 would convert to about ₦136,383 at the official market and roughly ₦139,500 in the parallel market, highlighting the premium still available outside the formal exchange system.
Investors, businesses and traders are expected to keep a close watch on foreign exchange inflows, demand pressures and policy decisions that could shape the naira’s direction in the coming days.
