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The naira opened Thursday’s trading session at 1,379.50 per Dollar, according to data from the Nigerian Foreign Exchange Market (NFEM).
Foreign exchange trading activity was moderate in the early hours of Thursday, and the naira temporarily weakened to ₦1,380 per dollar, before stabilising at 1,379.50 per dollar.
According to market and financial analysts, the stability of the official exchange rate is due to consistent market monitoring and improved dollar supply to commercial banks.
The naira is trading at a higher price in the parallel market, also known as the black market. Bureau De Change operators in major urban commercial hubs, including Lagos, Kano, and Port Harcourt, reported trading rates between 1,415 and 1,430 per Dollar.
The margin between the official and black-market rates reflects strong demand from retail buyers and small-scale importers, who often rely on informal channels to access dollars quickly.
Traders are closely monitoring Thursday’s closing rate, as it will set the tone for weekend trading.
The dollar, on the other hand, remained on shaky footing after broad losses, as investors anxiously assess whether a fragile ceasefire between the United States and Iran would hold.
