The Nigerian naira continued to trade within a relatively tight range against the United States dollar on Thursday, with mixed signals from both the official and parallel foreign exchange markets.
At the Nigerian Foreign Exchange Market (NFEM), the official window, the naira hovered around ₦1,350 to ₦1,355 per dollar. Recent trading sessions also showed the currency moving close to ₦1,351, reflecting a period of mild stability under the Central Bank of Nigeria’s managed float system. The rate continues to shift slightly based on dollar liquidity and ongoing market interventions.
However, the story is different in the parallel market, where demand for dollars remains stronger. There, the naira traded at about ₦1,395 for buying and between ₦1,405 and ₦1,420 for selling, depending on location and availability.
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This creates a noticeable gap of roughly ₦40 to over ₦60 between the official and black market rates, pointing to continued pressure on foreign exchange supply in formal channels.
Traders and analysts say the situation is being driven by sustained demand for dollars—especially for imports, travel, and external payments—combined with uneven foreign exchange inflows tied largely to oil earnings.
While the official market has shown periods of calm, the parallel market premium suggests that underlying challenges in Nigeria’s FX system are still far from resolved.
Overall, the naira’s performance reflects a familiar pattern: relative stability in official trading, but persistent strain in unofficial markets where demand continues to outweigh supply.
