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The naira has remained relatively stable against the dollar on Tuesday as traders monitor the foreign exchange market.
The latest Nigerian Foreign Exchange Market (NFEM) data put the naira at about ₦1,346.49 per dollar, while the most recent confirmed official closing rate was ₦1,346.90 per dollar.
The Central Bank of Nigeria (CBN) said the NFEM rate is based on the volume-weighted average of transactions in the official market.
A live USD/NGN benchmark on Tuesday morning stood at around ₦1,347.26 per dollar, keeping the currency close to its recent official-market levels.
According to the latest Aboki Forex data, the parallel market quoted the dollar at about ₦1,400.
The parallel-market rate represents a premium of about ₦53.10 over the latest official closing rate.
At the ₦ 1,400-per-dollar parallel-market rate, $100 would exchange for about ₦140,000, while $1,000 would be worth about ₦1.4 million.
The latest figures show that the gap between the official and parallel markets remains relatively contained compared with periods of sharp foreign exchange volatility.
The naira has also strengthened in recent official-market sessions.
On August 21, the NFEM rate stood at ₦1,346.49 per dollar, while the dollar closed at ₦1,346.90 per dollar.
During that session, the currency traded between ₦1,342 and ₦1,348.
Improved foreign exchange liquidity and stronger external reserves have supported the naira’s recent performance.
CBN data cited in recent market reports showed Nigeria’s external reserves stood at about $52.66 billion as of August 19.
