Dollar Remains Above ₦1,400 Despite Stable Naira

The naira has remained stable at the official foreign exchange market, while the United States (US) dollar has continued to trade above ₦1,400 at the parallel market.

Data from the Central Bank of Nigeria’s Nigerian Foreign Exchange Market (NFEM) on Tuesday showed the official exchange rate at about ₦1,368.22 to one US dollar. The official market has traded within the ₦1,362 to ₦1,369 range in recent sessions, reflecting improved stability.

At the parallel market, also known as the black market, traders in Lagos bought the dollar at about ₦1,410 and sold it between ₦1,415 and ₦1,425, depending on the location and transaction size.

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Naira Remains Stable Against US Dollar (News Central TV)

This leaves a gap of about ₦45 to ₦57 between the official and parallel market rates, showing that demand for foreign currency in the retail market remains stronger than supply.

Market analysts said the naira has become more stable in recent weeks compared with the sharp fluctuations seen in 2024 and early 2025.

They attributed the stability to improved foreign exchange liquidity, tighter monetary policies and the Central Bank of Nigeria’s (CBN) ongoing reforms to improve transparency in the foreign exchange market.

At the current rates, $100 would exchange for about ₦136,822 at the official market, while the same amount would fetch between ₦141,500 and ₦142,500 at the parallel market.

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Deborah Akwa

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