The naira opened the new week relatively stable against the US dollar, with the currency trading within a narrow range in both Nigeria’s official foreign exchange market and the parallel market.
Data from the Central Bank of Nigeria’s exchange rate portal put the official Nigerian Foreign Exchange Market rate at about ₦1,362.55 to the dollar, maintaining the recent trend of limited movement in the formal market.
The CBN explains that the NFEM rate is calculated using the volume-weighted average of foreign exchange transactions completed during each trading session. It serves as the benchmark rate for transactions conducted through authorised dealers.
In the parallel market, commonly referred to as the black market, traders in Lagos and other major commercial centres quoted the dollar at around ₦1,425 for selling and ₦1,410 for buying.
The difference between the official rate and the parallel-market selling price stood at approximately ₦62 per dollar. Traders said the spread has remained broadly stable compared with recent trading sessions.
Recent market conditions suggest that the naira has maintained some short-term stability as the Central Bank continues efforts to improve foreign exchange liquidity and manage demand pressure. The official rate has remained around the ₦1,362–₦1,364 range in recent sessions.
However, the actual rate available to individuals and businesses can vary depending on the bank or Bureau de Change involved, transaction size, location and payment method. The NFEM rate applies to transactions carried out through authorised dealers, while parallel-market rates reflect cash transactions outside the official foreign exchange market.
