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The naira remained relatively stable against the U.S dollar on Thursday, with the currency trading around ₦1,367 per dollar in the official market and between ₦1,410 and ₦1,425 in the parallel market.
Data from the Nigerian Foreign Exchange Market (NFEM) platform put the benchmark exchange rate at about ₦1,366.73/$1.
The Central Bank of Nigeria (CBN) describes the NFEM rate as a volume-weighted average that reflects transactions in the official foreign exchange market and serves as the day’s reference rate.
In the parallel market, commonly known as the black market, dealers in major Lagos trading hubs quoted the dollar at about ₦1,410 for buying and ₦1,425 for selling on Thursday morning.
This put the gap between the official and parallel rates at about ₦58 per dollar, showing that the street market continued to trade at a premium despite improved liquidity in the formal foreign exchange market.
The naira has remained relatively stable in recent weeks compared with the sharp swings recorded in late 2024 and early 2025. NFEM data also show the official rate trading largely within the ₦1,360-₦1,385 range through much of July and early August.
For individuals and businesses, the official exchange rate applies to eligible foreign exchange transactions conducted through banks and authorised dealers, while the parallel-market rate reflects cash transactions outside the formal system.
Market participants expect the naira to remain within a relatively narrow range in the near term, with foreign portfolio inflows, oil receipts and the CBN’s efforts to improve dollar liquidity likely to influence trading.
