Naira Holds Firm Against Dollar At N1,321

The naira has held firm against the United States (US) dollar across Nigeria’s official and parallel markets.

At the Nigerian Foreign Exchange Market (NFEM), the dollar is trading at about N1,321.44 on Tuesday. The rate reflects slight stabilisation and modest naira strengthening compared with previous trading sessions.

Market activity in the official window has remained resilient, supported by steady liquidity and transaction volumes.

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Naira Remains Stable Against Dollar (NewsCentral TV) — Naira and Dollar Currencies. Credit: Vanguard News.

Meanwhile, the parallel market has quoted the dollar at an average buying rate of N1,375 and a selling rate of N1,385.

This puts the gap between the official and parallel markets at about N53.56 based on the parallel buying rate.

Using the parallel selling rate, the difference stands at about N63.56. The relatively narrow gap suggests that demand and supply remain fairly balanced in the parallel market.

The market serves individuals, international travellers and businesses seeking foreign exchange for immediate transactions.

The naira’s performance comes following continued efforts to maintain stability in the foreign exchange market.

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Deborah Akwa

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