The Nigerian naira continued to trade within a relatively stable range against the United States dollar as traders monitored foreign exchange liquidity, demand from importers, and ongoing interventions by the Central Bank of Nigeria (CBN).
According to the latest data from the Nigerian Foreign Exchange Market (NFEM), the official exchange rate remained around ₦1,373 per US dollar, with only marginal fluctuations recorded during recent trading sessions. The NFEM rate serves as Nigeria's official benchmark exchange rate and is published by the Central Bank of Nigeria.
In the parallel market, commonly known as the black market, the dollar traded at approximately ₦1,405 per US dollar, although rates may vary slightly depending on location, transaction size, and individual Bureau de Change (BDC) operators.
The gap between the official and parallel market rates has remained relatively narrow compared to previous years, reflecting improved liquidity in the official market and continued efforts by monetary authorities to stabilise the naira.
Foreign exchange analysts say the value of the naira continues to be influenced by several factors, including the supply of US dollars in the official market, crude oil earnings, foreign portfolio investments, remittances from Nigerians abroad, and demand from businesses that rely on imported goods and raw materials.
The Central Bank of Nigeria has consistently encouraged individuals and businesses to obtain foreign exchange through authorised banks and licensed financial institutions, noting that the NFEM remains the country's official foreign exchange market.
Financial experts also advise Nigerians to note that exchange rates can change throughout the trading day due to market conditions. Rates offered by commercial banks, fintech platforms, and Bureau de Change operators may differ slightly depending on availability and transaction volume.
For businesses involved in international trade, importation, tuition payments, travel, and other foreign currency transactions, monitoring daily exchange rate movements remains essential for effective financial planning.
Meanwhile, economists say continued improvements in foreign exchange liquidity, stronger export earnings, increased foreign investment, and stable monetary policies will play a key role in supporting the naira over the coming months.
As global economic conditions evolve, market participants are expected to keep a close watch on decisions by the Central Bank, movements in international oil prices, and Nigeria's foreign reserves, all of which have a significant impact on the country's exchange rate.
While the naira has shown signs of relative stability in recent weeks, experts caution that exchange rates remain market-driven and may fluctuate based on changes in supply and demand.
Exchange Rate Snapshot (Today):
Official NFEM Rate: Approximately ₦1,373/$1
Parallel (Black) Market Rate: Approximately ₦1,405/$1 (may vary by location and dealer).