Trading in Nigeria’s foreign exchange market opened with the naira recording slight fluctuations against the US dollar across the official and parallel markets.
At the Nigerian Foreign Exchange Market (NFEM), the naira opened at around ₦1,339.93 per dollar, with minor movements recorded in early trading. The opening rate comes amid recent volatility, with the official exchange rate fluctuating between ₦1,330 and ₦1,360 per dollar as demand for foreign currency persists.
In the parallel market, currency dealers in major commercial centres, including Lagos and Abuja, quoted higher rates amid varying liquidity conditions. Independent operators reported buying the dollar at around ₦1,370, while selling rates ranged from ₦1,380 to ₦1,385.
Market analysts attribute movements in the exchange rate to foreign capital inflows, dollar demand and the Central Bank of Nigeria’s intervention measures. Demand from importers and domestic businesses continues to influence trading conditions across both market segments.
Nigeria’s foreign exchange outlook remains closely tied to the level of external reserves, the availability of dollar liquidity and the effectiveness of measures aimed at stabilising the naira.
