The Nigerian Naira opened the day with minor fluctuations against the United States Dollar, continuing its recent trend of relative stability in both official and parallel markets. Early trading reports indicate that demand remains steady, with the local currency supported by interventions from the Central Bank of Nigeria (CBN).
In the official Nigerian Foreign Exchange Market (NFEM), the Naira began at around ₦1,367.18 per dollar and edged slightly upward in the early hours. By 3:00 AM, it had reached ₦1,372.21 per dollar, a modest depreciation of roughly 0.37% from the opening rate. Analysts say this controlled movement reflects adequate liquidity and market alignment with current economic indicators.
Meanwhile, in the parallel market, often used to gauge immediate retail demand, Bureau De Change operators in cities like Lagos and Abuja are quoting the dollar between ₦1,395 and ₦1,410 for sale, depending on transaction volume. The relatively narrow spread between official and parallel rates suggests that speculative pressures remain contained compared to the volatility seen in previous quarters.
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Economists attribute the Naira’s performance to sustained high interest rates and the CBN’s commitment to inflation targeting. Although borrowing costs remain high for businesses, foreign portfolio investment and carry trade activities have provided enough forex supply to prevent sharp declines in the exchange rate.
For importers and individuals seeking dollars, the market is currently stable, but rates may adjust as trading continues throughout the day across Nigeria’s financial centers.
