Naira Holds Steady at Official Market

The naira has remained relatively stable in the official foreign exchange market, while the dollar traded at higher rates in the parallel market on Tuesday.

At the Nigerian Foreign Exchange Market (NFEM), the United States dollar exchanged at an average rate of ₦1,346.51.

Early trading activity at the official window saw the dollar move within a narrow range of ₦1,343.35 to ₦1,347.32. This reflects the relative stability recorded in recent trading sessions.

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Naira Trades At ₦1,332 Officially (NewsCentral TV) — Naira and Dollar Currencies. Credit: Vanguard News.

However, the parallel market recorded higher rates, with the dollar trading between ₦1,410 and ₦1,430 for buying and selling transactions. Rates vary by location and currency dealer.

This places the parallel market premium at about ₦64 to ₦83 per dollar above the NFEM average rate.

Market participants continue to monitor foreign exchange liquidity and demand for dollars as the Central Bank of Nigeria (CBN) manages activity in the official market.

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