The Nigerian Naira maintained relative stability against the United States Dollar across both the official and parallel foreign exchange markets.
Data from the official Nigerian Foreign Exchange Market (NFEM) indicated that the Naira traded at approximately ₦1,331.09 per Dollar during early morning spot trading. Intraday trading data suggested that the exchange rate remained within a relatively narrow range, supported by foreign exchange liquidity and the Central Bank of Nigeria’s market interventions.
In the parallel market, currency traders and Bureau De Change (BDC) operators across major commercial centres, including Lagos and Abuja, quoted buying rates between ₦1,355 and ₦1,365 per Dollar. Selling rates ranged from ₦1,375 to ₦1,390 per Dollar, keeping the gap between the official and parallel market rates relatively narrow.
Market analysts attributed the limited exchange rate divergence to moderated speculative activity and steady foreign exchange inflows into the domestic market. These factors continued to support relative stability in the Naira’s performance across both market segments.
