The Nigerian naira remained largely stable against the United States dollar at both the official and parallel foreign exchange markets as trading activities resumed for the week.
According to the latest figures from the Central Bank of Nigeria, the naira closed at approximately ₦1,363.83 to the dollar at the Nigerian Foreign Exchange Market (NFEM), showing only slight changes from recent trading sessions. The official exchange rate has continued to hover around the ₦1,360 mark, supported by improved foreign exchange supply and ongoing reforms in the market.
At the parallel market, popularly known as the black market, the dollar traded at about ₦1,395, based on rates quoted by currency dealers and market trackers. This puts the difference between the official and parallel market rates at roughly ₦31.
The local currency has recorded relative stability in recent weeks, with both markets experiencing limited fluctuations. Previous trading sessions saw the naira exchange around ₦1,360.55 per dollar at the official market, while black market rates remained within the ₦1,400 to ₦1,405 range.
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Financial analysts have linked the steady performance of the naira to improved liquidity in the foreign exchange market, increased transparency in the unified exchange system and continued oversight by the Central Bank.
Under the current rates, $100 would exchange for about ₦136,383 at the official market and approximately ₦139,500 in the parallel market, maintaining the premium enjoyed by traders in the informal market.
Market observers say the direction of the naira in the coming days will largely depend on foreign exchange inflows, demand levels and further policy actions by monetary authorities.
