Naira to Dollar Exchange Rate Latest Update

The naira has remained stable against the United States (US) dollar, trading at around ₦1,379 in the official market and between ₦1,409 and ₦1,420 in the parallel market on Friday.

Data from the Central Bank of Nigeria (CBN) showed the official Nigerian Foreign Exchange Market (NFEM) exchange rate remained around ₦1,379 per dollar, with independent market trackers placing the rate between ₦1,379 and ₦1,384 during Friday’s trading.

In the parallel market, also known as the black market, the dollar traded at about ₦1,409 for buying and ₦1,420 for selling in Lagos and other major currency trading centres.

Naira Remains Resilient Against Dollar In Official Market (NewsCentral TV) — Naira and Dollar Notes. Credit: Vanguard News.

The difference between the official and parallel market rates remained relatively narrow at ₦30 to ₦40 per dollar, far below the wider gaps recorded during previous foreign exchange shortages.

Market analysts attributed the naira’s stability to improved liquidity in the official market and periodic interventions by the Central Bank of Nigeria.

They also noted that while demand for foreign exchange from importers and individuals remains high, available supply has helped prevent sharp depreciation of the local currency.

For Friday’s trading, the naira exchanged at approximately ₦1,379 per dollar in the official market and ₦1,409–₦1,420 per dollar in the parallel market.

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