The Nigerian foreign exchange market opened trading on Tuesday with the naira maintaining a firm trajectory across both official and parallel windows.
At the official Nigerian Foreign Exchange Market (NFEM), the United States dollar is changing hands at approximately 1321.44 naira, reflecting a slight stabilisation and a modest strengthening of the local currency compared to previous sessions. Market analysts note that volume-weighted transactions continue to show resilience in the official segment, supported by steady liquidity conditions.
Meanwhile, in the parallel market, commonly referred to as the black market, the dollar is being quoted at an average buying rate of 1375 naira and a selling rate of 1385 naira across major Bureau De Change locations.This keeps the parallel market premium relative to the official window within a narrow band as demand and supply remain relatively balanced for international travelers, corporate entities, and individuals meeting immediate foreign exchange obligations.
Traders and market watchers continue to monitor macroeconomic indicators, external reserves, and foreign exchange inflows as the third quarter draws to a close, anticipating continued stability across both currency segments in the near term.
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