Naira Holds Firm at ₦1,364 per Dollar

The naira has remained broadly stable against the US dollar, trading around ₦1,364 per dollar in the official Nigerian Foreign Exchange Market (NFEM) on Wednesday.

The official rate showed only slight movement from recent sessions, keeping the naira within the ₦1,360 range.

In the parallel market, commonly known as the black market, dealers in Lagos quoted the dollar at about ₦1,405 for buying and ₦1,415 for selling on Wednesday morning.

Oil Prices Rise, Stocks Mix Ahead of US Inflation Data

The difference between the official and parallel market rates has remained relatively narrow compared with the sharp gaps recorded in 2024 and early 2025.

Naira Trades At ₦1,372/$, Dollar Hits ₦1,410 (NewsCentral TV) — Image of the Naira and Dollar currencies. Credit: Channels TV

At the official rate, $100 was worth about ₦136,400, while $1,000 exchanged for approximately ₦1.364 million.

In the parallel market, $100 was valued at about ₦141,500, while $1,000 was worth around ₦1.415 million.

Recent market data has shown the official rate trading mostly between ₦1,362 and ₦1,370 per dollar, indicating that the naira has continued to consolidate around the ₦1,360 range.

Also, Reuters reported that traders expect the naira to remain broadly stable in the short term, supported by the Central Bank of Nigeria (CBN)’s presence in the market and efforts to ease pressure on dollar demand.

Author

Deborah Akwa

Deborah Akwa is a content writer with over four years of experience creating brand stories, editorial content, and audience-focused articles on topics like health, lifestyle, and entertainment.

When she isn't writing, she is behind the scenes managing editorial operations and helping the content team work better.

She loves using words to connect brands with their audiences. Outside of work, she enjoys watching movies and engaging in thought-provoking conversations.