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The naira remained stable against the United States dollar on Wednesday, trading within recent ranges at both the official and parallel foreign exchange markets.
Figures published by the Central Bank of Nigeria (CBN) showed the local currency trading at about ₦1,363.83 per dollar at the Nigerian Foreign Exchange Market (NFEM), maintaining the relatively steady trend observed in recent weeks.
The official exchange rate has largely traded within the ₦1,350-₦1,375 range throughout Juexgne, reflecting sustained market liquidity amid ongoing foreign exchange reforms introduced by monetary authorities.
At the parallel market, commonly referred to as the black market, traders quoted the dollar between ₦1,395 and ₦1,405, with buying rates hovering around ₦1,395 and selling rates reaching as high as ₦1,405 in some locations.
A comparison of the two markets indicates that $100 would fetch about ₦136,383 at the official rate, while the same amount would exchange for roughly ₦140,000 in the parallel market.
The gap between official and parallel market rates has remained significantly narrower than in previous years, a development analysts attribute to improved foreign exchange inflows, increased market confidence and policy efforts aimed at deepening transparency in the currency market.
However, foreign exchange dealers note that rates may vary by location, transaction volume, and prevailing demand conditions, and that fluctuations during trading hours can also affect quoted prices.
