Nigeria’s currency, the naira, was trading at approximately ₦1366.41 against the US dollar at official market on Tuesday, according to the latest data from the Nigerian Foreign Exchange Market (NFEM).
The rate, published by the Central Bank of Nigeria, represents the volume-weighted average rate recorded during the trading session.
The Naira remains stable in the official market
The the official exchange rate mostly remained within ₦1350 to ₦1370 in recent weeks, attributed to improved liquidity and sustained foreign portfolio investment in Nigeria’s financial markets.
At the prevailing official exchange rate, $100 is valued at about ₦136,641 at the NFEM window.
However, rates on the parallel market remained higher. The same amount of $100 could fetch between ₦141,000 and ₦142,000, depending on market conditions and dealer quotes.
Black market rates remain higher
Currency traders said the dollar was trading around £1,400 for buying and between £1,410 and £1,420 for selling on the parallel market, known as the black market.
Despite continued demand for foreign currency from importers, travelers and businesses, the naira continued to benefit from improved confidence in the foreign exchange market and increased dollar supply.
Financial analysts, however, warn that the exchange rate may continue to fluctuate due to changes in foreign exchange inflows, movements in global oil prices and prevailing domestic economic conditions.
