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The Naira has remained largely stable against the United States (US) dollar on Wednesday, with only slight movements recorded in both the official and parallel foreign exchange markets.
Data from the Central Bank of Nigeria (CBN)‘s exchange rate portal showed that the official Nigerian Foreign Exchange Market (NFEM) rate closed at approximately ₦1,360.55 per dollar on Tuesday, compared to ₦1,359.50 per dollar previously.
The marginal change shows that the naira continued to maintain relative stability in the official market.
In the parallel market, commonly known as the black market, the dollar traded between ₦1,390 and ₦1,405, depending on location and transaction volume.
Market data showed average buying rates ranging from ₦1,390 to ₦1,395 per dollar, while selling rates floating between ₦1,400 and ₦1,405 per dollar on Wednesday.
The gap between the official and parallel market rates remained relatively narrow at about ₦30 to ₦45 per dollar, reflecting improved alignment between both markets compared to wider disparities recorded in previous years.
Recent trading data also indicated a modest strengthening of the naira in the official market, with the dollar trading within the ₦1,360 to ₦1,375 range over the past week.
The NFEM rate remains the official benchmark for foreign exchange transactions in Nigeria.
