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The naira has maintained stability against the United States (US) dollar in the official forex market, although a wide gap remains between the official and parallel market rates.
Data released by the Central Bank of Nigeria (CBN) on Thursday showed the Nigerian Foreign Exchange Market (NFEM) rate stood at ₦1,362.55 per dollar, compared with ₦1,364.83 recorded earlier this week.
The latest figures indicate the naira has continued to trade within the ₦1,360 range in recent trading sessions.
In the parallel market, also known as the black market, the dollar was bought at about ₦1,410 and sold for around ₦1,425, according to Bureau de Change operators and market trackers.
The difference between the official rate and the parallel market selling rate now stands at about ₦62 per dollar, highlighting the continued premium paid by individuals and businesses seeking foreign exchange outside the regulated market.
Market analysts said the naira’s stability in the official market reflects improved foreign exchange liquidity and continued monetary interventions by the CBN.
However, they noted that strong demand from importers, travellers and other retail users continues to keep exchange rates higher in the informal market.
According to the CBN, the NFEM rate is calculated using the volume-weighted average of transactions conducted in the official foreign exchange market, making it the benchmark rate for regulated forex transactions in Nigeria.
