Naira Trades At ₦1,385 On Parallel Market

The naira has remained relatively stable in the official foreign exchange market, while the United States (US) dollar has traded at about ₦1,385 on the parallel market on Friday.

At the Nigerian Foreign Exchange Market (NFEM), the naira has traded around ₦1,329.34 per dollar. Official market rates have remained between ₦1,327 and ₦1,332 per dollar in early October.

This stability follows monetary policy measures and liquidity management by the Central Bank of Nigeria (CBN). Meanwhile, the dollar has traded at about ₦1,385 on the parallel market, also known as the black market.

The difference between the official and parallel market rates reflects continued demand for dollars from individuals and businesses outside the official market. However, the naira’s relatively steady performance across both markets has limited sharp exchange rate movements compared with previous quarters.

The figures highlight the persistent gap between the official and parallel markets, despite the naira’s relative stability.

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Deborah Akwa

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