Naira Trades Flat Around ₦1,368 Per Dollar

The naira has traded around ₦1,368 to the United States (US) dollar in the official Nigerian Foreign Exchange Market (NFEM) on Tuesday, showing little movement from the previous session.

Data from the Central Bank of Nigeria (CBN) and FMDQ showed the official rate at about ₦1,368.22 per dollar, while the broader market benchmark stood at around ₦1,368.37 per dollar.

At the parallel market, the dollar was quoted at about ₦1,405, creating a gap of roughly ₦37 between the official and street rates.

Dollar and Naira Currencies. Credit: Shutterstock.

The relatively small difference suggests that pressure in the retail foreign exchange market remains moderate, compared with the wider gaps recorded during periods of high volatility in 2024 and 2025.

The CBN said the NFEM rate is determined using a volume-weighted average of transactions carried out in the official market.

Following the unification of Nigeria’s foreign exchange windows, FMDQ publishes daily market data used as a benchmark for official dollar transactions.

Currency traders said demand from importers and manufacturers remained steady, while improved foreign exchange liquidity from autonomous sources helped keep the naira relatively stable.

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