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The Nigerian naira showed relative stability against the United States dollar as of Friday, trading at N1,342.3037 per dollar with little movement recorded across both official and parallel markets.
Based on data from the Central Bank of Nigeria (CBN), the naira opened at ₦1,340.88 per dollar, showing a stable trend, compared to earlier in the month, when the currency faced more pressure due to increased import demand and forex shortages.
The Nigerian naira gained against the United States (US) dollar, trading at N1,342.3037 per dollar at the Central Bank of Nigeria (CBN) official foreign exchange window on Thursday.
Analysts explain that the recent Central Bank measures, including liquidity support and market interventions, have helped maintain balance in the official window.
In the parallel market, the dollar continues to trade at a higher rate, ranging from ₦1,360 to ₦1,380 per dollar in major cities like Lagos and Abuja.
Although the gap between official and parallel markets has narrowed compared to previous years, it remains a major indicator for retail users and small businesses.
Financial experts stated that the current stability is due to improved crude oil output and better foreign exchange inflows. Nigeria’s recovery in oil production has strengthened external reserves, while reforms in the FX market have improved price transparency.
However, analysts warn that risks remain as global inflation trends, shifts in United States interest rates, and fluctuations in oil prices could all influence the naira’s direction in the coming weeks.
Overall, the naira’s position at ₦1,340.88/$1 in the official market signals short-term stability, but its future performance will depend on both domestic policy decisions and global economic conditions.
