Official Market Sees Marginal Weakening
At the Nigerian Foreign Exchange Market (NFEM), the naira opened at ₦1,419.37 per dollar. By mid-morning, the rate had softened slightly to around ₦1,421.33, representing a depreciation of roughly 0.14%.
Analysts described the movement as a modest correction after the naira recorded gains earlier in the week. Market participants appeared to be balancing corporate foreign exchange demand against available supply from the Central Bank of Nigeria (CBN). Despite the intraday dip, the official rate continues to hold close to the ₦1,420 benchmark, underpinned by improving foreign reserves and steady crude oil export inflows.
Parallel Market Also Edges Up
In the informal market, dealers in major hubs such as Lagos and Abuja reported the dollar trading between ₦1,482 and ₦1,495, a slight increase from the previous day. The rise reflects steady retail demand for foreign currency, particularly from small-scale importers replenishing stock ahead of the first quarter.
The premium between official and parallel rates remains relatively narrow, suggesting that government efforts to harmonize exchange rates are still exerting stabilizing influence.
Rates at a Glance
- Official market opening rate: ₦1,419.37 per dollar
- Mid-morning official average: ₦1,421.33
- Parallel market average: ~₦1,488
Outlook
Market watchers will focus on end-of-week figures to gauge whether the naira can reclaim footing below the ₦1,420 level. With inflation forecasts for 2026 trending downward and a positive balance of payments outlook, the broader expectation is that the naira will remain resilient despite temporary fluctuations.