The Nigerian currency, the naira, exhibited relative stability against the United States dollar across both the official and parallel market segments as trading commenced mid-week.
At the Nigerian Foreign Exchange Market (NFEM), the official window recorded the exchange rate hovering around ₦1,324 to ₦1,330 per dollar, reflecting steady liquidity conditions supervised by the Central Bank of Nigeria (CBN). This performance follows minor gains recorded earlier in the week, showcasing a sustained effort to narrow volatility in official transactions.
Meanwhile, in the parallel market—frequently utilised by retail traders, international travelers, and small-scale importers—the greenback exchanged hands at approximately ₦1,375 for buying and around ₦1,385 for selling through Bureau De Change (BDC) operators.
Financial analysts note that the compressed spread between the official NFEM window and the parallel market points to a healthier alignment of foreign exchange liquidity.
Market watchers continue to monitor capital inflows, oil export proceeds, and seasonal demand pressures as key determinants guiding the movement of the local currency in the final stretch of the third quarter.
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