The Nigerian naira maintained relative stability against the United States dollar at the official foreign exchange market on Monday, trading at approximately ₦1,382.33/$1, according to data from the Nigerian Foreign Exchange Market (NFEM).
The latest exchange rate reflects the currency's continued resilience in the official market, where it has recorded only marginal fluctuations in recent trading sessions despite ongoing demand for foreign exchange.
Available data from the Central Bank of Nigeria's NFEM platform showed that the naira had previously closed at ₦1,379.62 per dollar on Friday, July 10, indicating a slight depreciation of ₦2.71 at the start of the new trading week.
While the official market remained relatively stable, rates in the parallel market—commonly referred to as the black market—continued to trade at higher levels.
Checks across currency dealers showed that the US dollar exchanged at an average of ₦1,425 for selling and about ₦1,410 for buying, although rates varied across locations and individual bureau de change operators depending on prevailing demand and supply conditions.
The gap between the official and parallel market rates remains a key feature of Nigeria's foreign exchange market, with traders attributing daily movements to fluctuations in dollar liquidity, market demand and broader economic conditions.
Market participants are expected to continue monitoring foreign exchange supply, Central Bank policies and investor sentiment, all of which remain critical factors influencing the performance of the naira in both the official and parallel markets.