The Nigerian naira opened the week relatively stable across both the official Nigerian Foreign Exchange Market (NFEM) and the parallel market, amid sustained liquidity and steady demand for foreign exchange.
At the official NFEM window, the US dollar traded at about ₦1,327.08, maintaining recent levels following strong liquidity inflows and increased market turnover. The stability has been supported by the Central Bank of Nigeria’s ongoing policy measures, while stronger foreign reserves have provided additional support for the naira and helped keep the official exchange rate within a relatively narrow range.
In the parallel market, the dollar traded between ₦1,370 and ₦1,390, with currency dealers reporting steady demand for physical cash. The relatively narrow gap between the parallel and official rates reflects improved liquidity and greater activity through formal foreign-exchange channels.
Market analysts attributed the continued convergence to improved transparency and liquidity in the official market, which they said had helped reduce speculative demand and encouraged more routine foreign-exchange transactions through the banking system.
