Naira Holds Steady as Dollar Trades at ₦1,363.83 Officially and ₦1,395 on Parallel Market

Nigeria’s foreign exchange market began the new trading week on a relatively stable note, with the naira maintaining its recent gains against the U.S. dollar across both official and parallel market segments.

At the official Nigerian Foreign Exchange Market (NFEM), the naira closed at ₦1,363.83 per dollar, according to the latest figures published on the Central Bank of Nigeria’s exchange rate portal. Meanwhile, the dollar traded at approximately ₦1,395 in the parallel market, leaving a gap of about ₦31.17 between the two rates.

Naira Maintains Stability

The latest figures indicate only marginal movement in the official market, where the naira has continued to trade within the ₦1,360 range in recent sessions.

Market analysts say the currency’s relative stability has been supported by improved foreign exchange liquidity, stronger market confidence, and ongoing reforms aimed at increasing transparency within Nigeria’s forex market.

The Central Bank of Nigeria has continued to emphasize a market-driven exchange rate system, with rates at the NFEM determined through a volume-weighted average of transactions.

Parallel Market Rate Remains Higher

In the parallel market, commonly known as the black market, the dollar exchanged hands at around ₦1,395, according to bureau de change operators and market observers.

Although a difference remains between the official and unofficial markets, the spread has narrowed significantly compared to previous months when exchange rate disparities were much wider.

The reduced gap is seen by many analysts as a sign of improved alignment within the foreign exchange market and a reflection of recent policy measures designed to unify exchange rate pricing.

Recent Market Performance

Recent trading data shows the naira fluctuating within a relatively narrow range. Earlier market reports placed the currency at around ₦1,360.55 per dollar at the NFEM window, while parallel market rates hovered between ₦1,400 and ₦1,405 per dollar.

Financial experts attribute the current calm in the forex market to sustained dollar inflows, improved transparency under the unified exchange rate framework, and continued regulatory oversight by monetary authorities.

What the Current Rates Mean

At the prevailing exchange rates, $100 would convert to approximately ₦136,383 at the official market and around ₦139,500 in the parallel market.

This difference highlights the premium that still exists outside the formal exchange system, despite the narrowing gap between both markets.

Going forward, investors, businesses, and traders are expected to closely monitor foreign exchange inflows, market demand, and policy decisions that could influence the naira’s performance in the days ahead.