The Nigerian Naira maintained relative stability against the United States Dollar across the official and parallel foreign exchange markets, supported by steady liquidity conditions and sustained foreign exchange inflows.
Data from the Nigerian Foreign Exchange Market (NFEM) showed the Naira trading at approximately ₦1,331.09 per dollar during early morning spot trading. Intraday movements indicated that the local currency remained within a relatively narrow trading range, with foreign exchange liquidity and elevated external reserves providing support for Central Bank of Nigeria (CBN) interventions.
In the parallel market, Bureau De Change (BDC) operators and street currency dealers in major commercial centres, including Lagos and Abuja, quoted buying rates between ₦1,355 and ₦1,365 per dollar.
Selling rates in the informal market ranged from ₦1,375 to ₦1,390 per dollar, reflecting a relatively narrow gap between official and parallel market exchange rates.
Market analysts attributed the limited spread to moderated speculative activity and steady foreign exchange inflows into the domestic market. These factors have helped maintain relative stability across the country’s currency trading segments.
Despite the steady performance, market participants will continue to monitor foreign exchange supply, external reserve movements and the CBN’s policy interventions for signals about the Naira’s near-term direction.
The reported rates reflect market quotations and may vary by location, transaction size and the currency dealer. Exchange rates remain subject to change as trading conditions evolve.