The Nigerian naira traded largely stable against the United States dollar at the start of Friday’s session, posting marginal gains across both the official foreign exchange market and the parallel market as liquidity conditions remained relatively balanced.
At the Nigerian Foreign Exchange Market (NFEM), the naira traded around ₦1,369.04/$, a slight improvement from Thursday’s closing rate of ₦1,370.30/$. The modest appreciation reflects easing demand pressures and continued stability in the official market.
The parallel market also remained steady, with Bureau De Change operators in Lagos and Abuja quoting the dollar at about ₦1,369/$, broadly in line with the official rate. The narrow spread between the two markets points to improved liquidity and a temporary convergence in foreign exchange pricing, offering some relief to importers and businesses reliant on dollar transactions.
Analysts attribute the relative stability to ongoing foreign exchange reforms, sustained market interventions and the Central Bank of Nigeria’s monetary policy measures aimed at reducing volatility.
They caution, however, that maintaining exchange rate stability over the medium to long term will depend on stronger foreign exchange inflows, increased investor confidence and higher crude oil export earnings.
