The naira traded at around ₦1,362.55 per dollar in the Nigerian Foreign Exchange Market (NFEM), with the official market remaining largely stable at the start of Wednesday’s trading.
Data from the Central Bank of Nigeria (CBN) showed the official exchange rate closed at ₦1,362.55/$1 on August 4, with intraday trading ranging between ₦1,361 and ₦1,364.70. The NFEM rate, calculated using a volume-weighted average, serves as Nigeria’s official exchange rate benchmark.
In the parallel market, commonly known as the black market, the dollar traded at about ₦1,415/$1 on Wednesday, according to AbokiFX market updates.
This placed the spread between the official and parallel market rates at roughly ₦52 per dollar, reflecting sustained demand for foreign currency in the informal market despite improved stability in the official window.
Street-market quotations also showed dealers buying dollars at around ₦1,410 and selling near ₦1,425, with prices varying across Lagos and other major trading centres depending on location and transaction size.
Analysts said the naira has remained broadly range-bound in recent sessions, supported by the Central Bank’s interventions and improved liquidity in the official market. Reuters also noted that the currency has traded within a relatively narrow band even as demand from importers and other dollar users remains elevated.
Compared with earlier levels in July, the official exchange rate has largely held within the ₦1,360–₦1,365/$1 range, while the parallel market has fluctuated between ₦1,405 and ₦1,425 per dollar.
For individuals and businesses buying dollars today, the indicative exchange rates are ₦1,362.55/$1 in the official NFEM market and about ₦1,415/$1 in the parallel market. Actual buying and selling rates may vary slightly across banks, bureaux de change, and informal currency dealers.
