Naira Steadies at N1,362.55/$ in Official Market

Nigeria’s naira traded at N1,362.55 per dollar in the official market on Tuesday, holding steady as the gap between the official and parallel foreign exchange rates narrowed to about N52, central bank data showed.

The official exchange rate, published by the Central Bank of Nigeria (CBN), closed at N1,362.55/$1 at the Nigerian Foreign Exchange Market (NFEM), with intraday trading ranging between N1,361 and N1,364.70.

The NFEM rate, which serves as the country’s official benchmark, is calculated using a volume-weighted average.

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In the parallel market, widely known as the black market, the dollar was quoted at approximately N1,415/$1 on Wednesday, according to AbokiFX market updates.

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The gap between the two markets stood at roughly N52 per dollar, suggesting that demand for foreign currency in the informal market remained stronger than supply despite relative calm in the official window.

Street-market trackers showed dealers buying dollars around N1,410 and selling near N1,425, indicating that rates varied across Lagos and other major trading hubs depending on transaction size and location.

Market analysts said the naira had remained broadly range-bound in recent sessions, supported by continued central bank interventions and improved liquidity in the official market.

Nigeria’s currency has been trading in a comparatively small range despite the continued demand from importers and other dollar users, according to Reuters.

Author

Jimisayo Opanuga

Jimisayo Opanuga is a web writer in the Digital Department at News Central TV, where she covers African and international stories. Her reporting focuses on social issues, health, justice, and the environment, alongside general-interest news. She is passionate about telling stories that inform the public and give voice to underreported communities.