Naira Trades At ₦1,332 On Parallel Market

The Nigerian naira has remained relatively stable in the official foreign exchange market, while the dollar continues to trade higher on the parallel market on Tuesday.

At the Nigerian Foreign Exchange Market (NFEM), the naira has traded at about ₦1,332.49 to the United States (US) dollar. Recent rates have remained within the ₦1,329 to ₦1,333 range. Data from the Central Bank of Nigeria and market trackers indicate that higher foreign exchange turnover has helped support the official rate.

However, the parallel market continues to record higher dollar prices. Bureau De Change operators and street dealers are quoting the dollar at ₦1,365 to ₦1,370 to buy and ₦1,375 to ₦1,390 to sell. This leaves a gap of about ₦45 to ₦55 between the official and parallel market rates. The difference reflects continued demand for dollars from individuals and businesses paying for travel, foreign tuition and imports.

BDC operator holding Naira and Dollar notes.Credit: Bloomberg.

The relative stability in the official market has been linked to monetary policy changes and the Central Bank of Nigeria‘s liquidity management. Financial analysts have also pointed to rising net foreign reserves, which they say have strengthened Nigeria’s external buffers and supported investor confidence.

Despite these developments, the gap between the two markets remains. It highlights continued pressure from dollar demand outside the formal banking system.

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Deborah Akwa

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