Naira Trades At ₦1,372 per Dollar

The Naira has traded at ₦1,372.96 against the United States (US) dollar at the Nigerian Foreign Exchange Market (NFEM), while the dollar has sold for about ₦1,410 in the parallel market.

According to official market data released on Wednesday, the NFEM rate remains the benchmark exchange rate for transactions in the official foreign exchange market.

In the parallel market, also known as the black market, the dollar has traded at around ₦1,400 for buying and ₦1,410 for selling, based on reports from Bureau de Change operators and market trackers.

Naira Holds Steady Against Dollar (NewsCentral TV) — Naira and Dollar Currencies. Credit: Vanguard

The difference between the official and parallel market rates has continued to reflect strong demand for foreign exchange outside the formal banking system, although the gap has narrowed compared to previous months.

The Central Bank of Nigeria (CBN) has continued its foreign exchange reforms targeted at improving liquidity and supporting price discovery in the official market.

Rates in the parallel market may vary by location, transaction size, and individual dealers, while the NFEM rate remains the official benchmark for eligible foreign exchange transactions in Nigeria.

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Deborah Akwa

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