Naira Holds Steady at ₦1,380 per Dollar

The naira has remained relatively stable against the United States (US) dollar on Tuesday, across both the official foreign exchange market and the parallel market.

The stability comes as traders continue to monitor foreign exchange liquidity and the outcome of the Central Bank of Nigeria’s (CBN) Monetary Policy Committee meeting.

According to the latest report from the CBN, the official Nigerian Foreign Exchange Market (NFEM) rate stood at about ₦1,380 per dollar, with the volume-weighted average rate recorded at ₦1,380.18/$ on the latest trading day.

Naira and Dollar notes. Credit: Bloomberg.

In the parallel market, also known as the black market, the dollar traded at a buying rate of ₦1,410 per dollar and a selling rate of ₦1,425 per dollar

Exchange rates may differ slightly depending on location, currency dealer and transaction volume.

The difference between the official and parallel market rates has remained relatively narrow compared with previous years, following ongoing foreign exchange reforms by the CBN.

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