Naira Remains Stable Across FX Markets

The naira has remained stable against the United States (US) dollar on Friday in both the official and black markets.

According to data from the Central Bank of Nigeria (CBN), the dollar traded at about ₦1,375.41 at the official Nigerian Foreign Exchange Market (NFEM).

Analysts said the official market continued to benefit from stronger foreign exchange inflows and support measures targeted at stabilising the naira.

Nigeria’s CBN Lifts Cash Pooling Rule for Oil Firms — CBN building. Credit: Channels TV

At the parallel market, also known as the black market, the dollar was bought at around ₦1,378 and sold for about ₦1,390.

Experts noted that the gap between the official and black-market exchange rates has remained smaller than in previous months, indicating improved liquidity and stronger market confidence.

In recent weeks, the naira has traded between ₦1,360 and ₦1,390 against the dollar, as businesses and importers continue to monitor foreign exchange supply. Currency traders also said demand for the dollar remains steady despite ongoing efforts by the Central Bank to increase supply through the official market.

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.