The Nigerian naira strengthened against the US dollar in both the official and parallel foreign exchange markets, gaining ground ahead of Thursday’s trading session.
In the latest available data, the dollar was quoted at ₦1,328 at the Nigerian Foreign Exchange Market (NFEM), compared with ₦1,331 on Tuesday. This represents a ₦3 appreciation by the naira in the official market, according to data from the Central Bank of Nigeria (CBN).
In the parallel market, the dollar traded at about ₦1,375 on Wednesday, down from ₦1,383 on Tuesday. The move translates to an ₦8 gain for the naira.
The parallel-market rate was therefore about ₦47 weaker than the NFEM rate, highlighting the continued gap between the two markets.
Activity in the official market also increased significantly during the period under review. NFEM turnover rose by 181.5 per cent to $279.2 million, up from $99.2 million previously.
Meanwhile, Nigeria’s external reserves stood at $54.674 billion as of September 17, providing additional foreign-exchange liquidity and supporting the naira.
Actual exchange rates available to buyers and sellers may vary depending on the bank, Bureau de Change operator, location, transaction size and prevailing market conditions.
As of September 24, the latest confirmed market figures put the dollar at approximately ₦1,328 at the NFEM and ₦1,375 in the parallel market.
