The Nigerian foreign exchange market opened trading on Tuesday with the naira maintaining a relatively firm position across both the official and parallel markets.
At the official Nigerian Foreign Exchange Market (NFEM), the US dollar was trading at approximately ₦1,321.44, indicating modest strengthening in the naira compared with previous sessions. Volume-weighted transactions in the official segment remained relatively resilient, with market participants pointing to steady liquidity conditions as a key support for the currency.
In the parallel market, commonly known as the black market, the dollar was quoted at an average buying rate of ₦1,375 and a selling rate of ₦1,385 across major Bureau de Change outlets. The relatively narrow gap between the parallel and official rates suggests that the premium remained contained, amid broadly balanced demand and supply from international travellers, businesses and individuals seeking to meet immediate foreign-exchange obligations.
Market participants continue to monitor key indicators, including foreign-exchange inflows, external reserves and broader macroeconomic conditions, as the third quarter draws to a close. Attention remains focused on whether current liquidity conditions can support continued stability across both market segments in the near term.
