The Nigerian Naira opened Friday’s trading session at ₦1,369.04 per United States Dollar at the official market, posting a slight gain from the previous day’s closing rate of ₦1,370.30/$.
The local currency also maintained similar levels in the parallel market, reflecting continued stability across both segments of the foreign exchange market.
Early market data showed the Naira trading within a narrow range at the Nigerian Foreign Exchange Market (NFEM), the country’s official foreign exchange platform.
The marginal appreciation suggests easing pressure on demand as liquidity conditions remain relatively balanced.
In the parallel market, Bureau De Change operators in Lagos and Abuja quoted the Dollar at around ₦1,369/$, closely matching the official exchange rate.
The near convergence between the official and parallel market rates highlights improved alignment in foreign exchange supply.
This development offers short-term relief for importers, manufacturers and other businesses that depend on access to foreign currency.
Financial analysts credited the relative stability to ongoing monetary policy measures and regulatory interventions designed to reduce exchange rate volatility.
Despite the positive trend, economists cautioned that sustaining exchange rate stability over the long term will depend on stronger foreign exchange inflows, increased investor confidence and improved earnings from Nigeria’s crude oil exports.
