In the official market, the currency continued to hover within familiar levels, with data from the Central Bank of Nigeria indicating that the naira exchanged around the ₦1,366 per dollar mark. Recent trading activity placed the official rate within a corridor of roughly ₦1,362 to ₦1,370, reflecting modest intraday movements driven by supply and demand dynamics in the Nigerian Foreign Exchange Market (NFEM).
Parallel market rates remain higher but stable
In the informal segment of the market, commonly referred to as the black market, rates remained above official levels but also traded within a relatively stable range. Currency dealers in major commercial hubs such as Lagos and Abuja reported dollar purchases at about ₦1,385, while selling prices ranged between ₦1,395 and ₦1,400 depending on transaction size and location.
The persistent gap between the official and parallel market continues to reflect structural demand pressures, even as liquidity conditions improve in the formal system.
Analysts point to liquidity support and policy efforts
Market analysts attributed the relative stability to improved foreign exchange inflows and continued intervention measures by the Central Bank aimed at reducing volatility and narrowing the spread between official and unofficial rates.
They noted that while the naira has shown signs of resilience in recent sessions, underlying demand pressures remain a key factor shaping short-term movements.
Importers, international travelers, and businesses requiring foreign currency have continued to exert pressure on demand, even as liquidity in the official window has helped moderate sharp fluctuations.
Persistent demand pressures still shape sentiment
Despite the calmer trading pattern, dealers said the market remains sensitive to spikes in demand, particularly from import-dependent sectors. This ongoing pressure continues to influence sentiment in both trading windows.
Overall, the latest session suggests a cautiously stable forex environment, with traders closely watching policy direction and liquidity trends for signals on the naira’s next movement.