The naira opened the new week relatively stable against the United States dollar across both the official Nigerian Foreign Exchange Market (NFEM) and the parallel market, as traders continued to monitor liquidity conditions and foreign-exchange interventions by the Central Bank of Nigeria (CBN).
Data from the CBN’s exchange-rate portal showed the official NFEM rate at about ₦1,362.55 per dollar, maintaining its position as the benchmark rate for transactions in the formal foreign-exchange market. The CBN says the NFEM rate is calculated using the volume-weighted average of transactions executed during the trading session.
In the parallel market, also known as the black market, the dollar was quoted at around ₦1,425 for selling and ₦1,410 for buying in Lagos and other major trading hubs. Street traders said the spread between the official and parallel markets remained broadly unchanged from recent sessions.
Based on the official NFEM rate and the parallel-market selling rate, the gap between the two markets stood at approximately ₦62 per dollar.
Market analysts said the naira has shown signs of short-term stability as the central bank continues to supply foreign exchange to ease demand pressures. Reuters has reported that the currency had been trading near ₦1,360 per dollar in the official market and around ₦1,425 in street trading in recent sessions, with dealers expecting relatively stable conditions in the near term.
The official exchange rate has also remained within a relatively narrow band of about ₦1,362 to ₦1,364 per dollar in recent trading sessions, according to CBN and market data.
For individuals and businesses looking to buy or sell dollars, the actual rate available today may vary depending on the bank or bureau de change, transaction volume, payment method and location. The NFEM rate applies to transactions conducted through authorised dealers in the formal foreign-exchange market, while parallel-market rates reflect cash transactions conducted outside the official trading window.
