The Nigerian naira remained largely stable against the United States dollar on Tuesday, December 23, 2025, with trading opening calmly across both the official and parallel foreign exchange markets.
The relative stability comes amid ongoing efforts by the Central Bank of Nigeria (CBN) to manage liquidity and maintain balance in the Nigerian Foreign Exchange Market (NFEM) as the year draws to a close.
Official Market Performance
At the official trading window, the naira recorded only slight movements, staying within the range seen in recent sessions. Data from the NFEM showed the currency opening at about ₦1,455.95 to the dollar.
This followed Monday’s closing rate of ₦1,459.43. During early trading, the naira briefly weakened to around ₦1,461.63 before strengthening to a low of ₦1,452.65. Analysts say the steady performance suggests a fairly consistent supply of foreign exchange to meet approved corporate and individual needs.
Parallel Market Trends
In the parallel market, also known as the black market, the dollar continued to trade at a noticeable premium over the official rate. Bureau de change operators quoted selling rates between ₦1,720 and ₦1,745 per dollar, while buying rates ranged from ₦1,710 to ₦1,730.
The wide gap between official and parallel market rates remains a key concern for market watchers. While the naira has shown some stability at the official window, the informal market remains more sensitive to short-term demand and seasonal pressures.
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Key Factors Shaping the Exchange Rate
Several factors are influencing naira movements as the festive season approaches:
Seasonal demand: Year-end travel, imports and holiday spending are increasing demand for foreign currency.
CBN interventions: Regular forex interventions by the apex bank have helped prevent sharp swings in the official market.
Global oil prices: As Nigeria’s main source of foreign exchange, crude oil performance continues to play a major role in supporting the naira.
Market observers believe the naira is likely to remain within its current range in the coming days, provided the CBN sustains liquidity and there are no major shocks to supply or demand.
