The naira opened the new week relatively steady against the United States dollar across both the official Nigerian Foreign Exchange Market and the parallel market, with traders monitoring liquidity conditions and Central Bank interventions.
Data from the Central Bank of Nigeria’s exchange rate portal showed the official NFEM rate trading around ₦1,362.55 per dollar, which remains the benchmark exchange rate for the formal market. The CBN says the NFEM rate is derived from the volume-weighted average of transactions concluded during the trading session.
In the parallel market, also known as the black market, the dollar was quoted at about ₦1,425 per dollar for selling and ₦1,410 for buying in Lagos and other major trading hubs. Street traders said the spread between the official and parallel market rates remained broadly unchanged from recent sessions.
The gap between the two markets therefore stood at roughly ₦62 per dollar based on the official NFEM rate and the parallel market selling rate.
Market analysts say the naira has shown signs of short-term stability as the central bank continues to supply foreign exchange to ease demand pressure. Reuters reported that the currency had been trading near ₦1,360 in the official market and around ₦1,425 in street trading in recent sessions, with dealers expecting relatively stable conditions in the near term.
The official market has hovered within a narrow band around the ₦1,362–₦1,364 range in recent trading days, according to CBN and market data.
For individuals and businesses seeking to exchange dollars today, rates may vary slightly depending on the bank, bureau de change, payment method, transaction volume, and location. The NFEM rate applies to transactions executed through authorised dealers in the formal foreign exchange market, while the parallel market rate reflects cash transactions outside the official window.
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