LThe Nigerian naira recorded a relatively stable performance against the US dollar at both the official and parallel foreign exchange markets as trading activities opened for the week, with analysts closely watching liquidity and demand trends.
At the Nigerian Foreign Exchange Market (NFEM), the Central Bank of Nigeria (Central Bank of Nigeria) data showed the naira trading at about ₦1,363.83 to the dollar, reflecting only slight movement compared to previous sessions. The official window has largely remained within the ₦1,360 range in recent days, supported by ongoing market reforms and improved dollar inflows.
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In the unofficial or parallel market, commonly referred to as the black market, the dollar exchanged at roughly ₦1,395, according to market indicators tracked by bureau de change operators. This creates a spread of about ₦31 between the official and parallel market rates.
Recent trading patterns suggest the currency has maintained a relatively tight range, with earlier figures placing the official rate near ₦1,360.55 while parallel market rates fluctuated between ₦1,400 and ₦1,405 per dollar.
Analysts attribute the steadier performance to improved liquidity in the foreign exchange system, enhanced transparency in the unified FX framework, and continued regulatory oversight by monetary authorities.
At current rates, $100 converts to approximately ₦136,383 at the official window and about ₦139,500 in the parallel market, underscoring the persistent but narrowed premium in the informal market.
Market watchers expect continued attention on dollar inflows, import demand, and policy decisions that could shape the naira’s direction in the coming sessions.
