Naira Holds Firm Against Dollar Across FX Markets

The naira has remained stable against the United States (US) dollar at both the official and parallel foreign exchange markets.

Data from the Nigerian Foreign Exchange Market (NFEM) on Friday showed the naira exchanging at about ₦1,369.92 to one US dollar, which remains Nigeria’s official exchange rate benchmark.

In the parallel market, also known as the black market, the dollar traded at around ₦1,420, although rates varied slightly depending on location, dealer margins and transaction volumes.

Naira and Dollar notes. Credit: Bloomberg.

At the official exchange rate, $100 was valued at about ₦136,992, while $1,000 exchanged for approximately ₦1.37 million.

The gap between the official and parallel market rates remained relatively narrow compared with previous years, reflecting ongoing foreign exchange reforms and improved liquidity in the market.

However, analysts say demand for dollars from importers and other users continues to influence exchange rate movements.

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