Figures released by the Central Bank of Nigeria (CBN) showed the local currency trading at approximately ₦1,379 per dollar in the Nigerian Foreign Exchange Market (NFEM), with independent market trackers placing the official exchange rate within the ₦1,379 to ₦1,384 range throughout the trading session.
The modest fluctuations suggest that the official market has continued to experience improved liquidity, helping to keep the exchange rate largely steady in recent weeks.
In the parallel market, popularly known as the black market, the dollar exchanged at about ₦1,409 for buying and ₦1,420 for selling across Lagos and other major foreign exchange hubs. Dealers, however, quoted slightly different rates depending on transaction size, customer demand and location.
With the official and parallel market rates separated by roughly ₦30 to ₦40 per dollar, the premium remained significantly narrower than the wide disparities recorded during previous periods of severe foreign exchange shortages.
Analysts attributed the naira's resilience to stronger liquidity in the official market, supported by periodic interventions by the Central Bank and improved access to foreign exchange through authorised channels.
According to Reuters, the Nigerian currency has continued to trade within a relatively tight range in recent sessions, with the official market hovering around ₦1,373 per dollar while the parallel market traded close to ₦1,405, highlighting only modest day-to-day volatility.
Currency traders also observed that although demand for dollars from importers, businesses and individuals remained relatively high—particularly outside the formal banking system—the available supply has so far been sufficient to prevent any significant depreciation of the naira.
For Nigerians tracking exchange rates, the benchmark levels for Friday remained approximately ₦1,379/$1 in the official Nigerian Foreign Exchange Market and ₦1,409–₦1,420/$1 in the parallel market. Market participants, however, noted that exchange rates could still witness minor adjustments before the close of trading, depending on demand patterns and dollar liquidity.