The Nigerian naira maintained a relatively steady position against the United States dollar on Friday, with exchange rates showing only modest movements in both the official and parallel foreign exchange markets as traders continued to assess liquidity levels and demand trends.
Market data showed that the naira traded around ₦1,368.22 per dollar at the Nigerian Foreign Exchange Market (NFEM), the country’s official foreign exchange platform. The rate, published through data from the Central Bank of Nigeria (CBN) and market monitoring platforms, represents the volume-weighted average of completed transactions carried out by authorised participants in the official market.
Recent CBN exchange-rate records indicate that the official market has remained within the ₦1,36x range in recent sessions, reflecting a period of relative stability compared with the sharp fluctuations experienced during earlier periods of foreign exchange pressure.
In the parallel market, where individuals and businesses often seek immediate access to foreign currency outside official channels, the dollar exchanged at approximately ₦1,405 on Friday. This placed the difference between the parallel and official rates at about ₦37 per dollar.
The narrowing gap between the two markets represents a notable improvement from the significant divergence witnessed in 2024 and parts of 2025, when limited dollar supply and heightened demand pushed the parallel-market rate far above official pricing.
Currency dealers attributed the current market conditions to a balance between demand and supply factors. They explained that demand from importers, international travellers, and retail buyers continued to influence activity in the parallel market, while inflows from exporters and other autonomous sources provided some support for stability in the official market.
One dealer noted that “demand from importers and travellers remains a major factor affecting the street market, but improved supply conditions have helped reduce pressure on the exchange rate.”
Analysts said the direction of the naira in the coming weeks would largely depend on developments in Nigeria’s external reserves, foreign portfolio investment inflows, crude oil earnings, and broader foreign exchange management policies.
According to market observers, sustained improvement in dollar liquidity could further strengthen exchange-rate stability, while renewed demand pressures may put fresh pressure on the local currency.
For individuals seeking smaller amounts of foreign currency, the parallel market continues to provide faster access to cash dollars, although at a higher rate. Meanwhile, companies and other eligible users with proper documentation are expected to rely on official banking channels and the NFEM for their foreign exchange needs.