The naira opened the new week relatively steady against the United States dollar across both the official Nigerian Foreign Exchange Market (NFEM) and the parallel market, as traders continued to monitor liquidity conditions and interventions by the Central Bank of Nigeria (CBN).
Data obtained from the CBN’s exchange rate portal showed that the official NFEM rate traded at approximately ₦1,362.55 per dollar. The apex bank stated that the NFEM rate is derived from the volume-weighted average of transactions concluded during each trading session, making it the benchmark exchange rate for the formal foreign exchange market.
In the parallel market, commonly referred to as the black market, the dollar was quoted at about ₦1,425 per dollar for selling and ₦1,410 per dollar for buying in Lagos and other major trading centres. Currency traders indicated that the spread between the official and parallel market rates remained largely unchanged from recent trading sessions.
Based on the official NFEM rate and the parallel market selling rate, the gap between the two markets stood at roughly ₦62 per dollar.
Market analysts noted that the naira has shown signs of short-term stability, supported by the Central Bank’s continued supply of foreign exchange aimed at easing demand pressures. According to Reuters, the currency has been trading near ₦1,360 per dollar in the official market and around ₦1,425 per dollar in the parallel market in recent sessions, with dealers expecting relatively stable conditions in the near term.
Recent CBN and market data indicate that the official market has remained within a narrow trading band of approximately ₦1,362 to ₦1,364 per dollar over the past few days.
Meanwhile, individuals and businesses seeking to exchange dollars were advised that rates may vary slightly depending on factors such as the bank or bureau de change involved, payment method, transaction volume, and location. While the NFEM rate applies to transactions conducted through authorised dealers in the formal foreign exchange market, the parallel market rate reflects cash transactions carried out outside the official exchange window.
