The naira opened the new week on a stable footing against the US dollar, holding firm across both Nigeria’s official and parallel foreign exchange markets as traders kept a close watch on central bank liquidity support.
Data from the Central Bank of Nigeria’s (CBN) exchange rate portal showed the official Nigerian Foreign Exchange Market (NFEM) trading at approximately ₦1,362.55 per dollar—the benchmark rate for formal transactions, derived from the volume-weighted average of all trades concluded during the session.
On the parallel market, the dollar was quoted at ₦1,425 for selling and ₦1,410 for buying in Lagos and other major trading hubs. Street traders noted that the spread between both markets has remained largely unchanged in recent days, standing at about ₦62 per dollar based on the official NFEM rate and the parallel market selling price.
Market analysts attribute the naira’s relative short-term stability to the CBN’s continued foreign exchange supply aimed at easing demand pressure. Reuters reported that the currency has traded near ₦1,360 officially and around ₦1,425 on the streets in recent sessions, with dealers forecasting relatively calm conditions in the near term. Official market data shows the naira has hovered within a tight band of ₦1,362–₦1,364 over recent trading days.
For individuals and businesses looking to exchange dollars today, actual rates may vary depending on the bank, bureau de change, payment method, transaction volume, and location. The NFEM rate applies to authorised dealer transactions, while the parallel market rate reflects cash exchanges outside the official window.
