The Nigerian foreign exchange market opened the new trading week on a stable note, with naira closing at ₦1363.83 per dollar on the official Nigerian Foreign Exchange Market (NFEM), while the dollar traded at approximately ₦1.395 on the parallel market, reflecting a gap of about ₦31.17 between the two segments.
The latest figures from the exchange rate portal of the Central Bank of Nigeria show only marginal movements in the official market, where it is naira mostly remained within the range of ₦1360 in recent trading sessions.
Market watchers say the currency’s recent stability is supported by improved foreign exchange liquidity and ongoing reforms aimed at increasing transparency in the country’s foreign exchange market.
In the parallel market, commonly referred to as the black market, the dollar traded at around ₦1395, according to exchange operators and market watchers.
The difference between the official and parallel market exchange rates narrowed compared to the larger margins recorded in previous months, indicating better alignment in the foreign exchange market.
Recent trading data showed the naira fluctuating within a relatively narrow range. Earlier reports indicated that the currency was trading near ₦1360.55/$ at the NFEM window, while black market rates ranged between ₦1400 and ₦1405 per dollar.
Financial analysts attribute the relative calm in the market to a sustainable supply of dollars, increased transparency within the framework of the single exchange rate and continued supervision by the monetary authorities.
The central bank claims that the NFEM rate is determined using a volume-weighted average of transactions and serves as a benchmark for Nigeria’s official exchange rate.
At current exchange rates, $100 would convert to about ₦136,383 in the official market and roughly ₦139,500 in the parallel market, highlighting the premium still available outside the formal exchange system.
Investors, companies and traders are expected to closely monitor foreign exchange inflows, demand pressures and policy decisions that could shape the direction of the naira in the coming days.
