The Nigerian naira continues to trade within a relatively narrow band against the United States dollar across both the official and parallel foreign exchange markets, reflecting sustained demand pressures and cautious market sentiment.
At the Nigerian Foreign Exchange Market (NFEM), which serves as the official window, the naira is trading around ₦1,350 to ₦1,355 per dollar based on the most recent trading data and trends observed in the week. This aligns with recent figures showing the currency hovering near ₦1,351.59/$ and about ₦1,350.74/$ in preceding sessions.
The official rate continues to be influenced by the Central Bank of Nigeria’s managed float system, with modest fluctuations driven by liquidity conditions and ongoing FX interventions.
In the parallel market, also known as the black market, the naira trades at a significantly weaker level due to higher demand for dollars outside official channels. Latest data from Bureau De Change operators indicates the dollar is being bought at about ₦1,395 and sold between ₦1,405 and ₦1,420.
This places the gap between the official and parallel market rates at roughly ₦40 to over ₦60, depending on location and transaction volume, highlighting persistent supply constraints in the formal FX window.
Market analysts attribute the continued pressure on the naira to strong demand for foreign exchange for imports, travel, and offshore obligations, alongside fluctuating oil revenues which remain Nigeria’s primary FX source. Recent trends also show that, despite intermittent stability, the currency remains vulnerable to external shocks and domestic liquidity challenges.
Overall, the exchange rate movement today reflects a familiar pattern—relative stability at the official window and persistent premium pricing in the parallel market—underscoring ongoing structural imbalances in Nigeria’s foreign exchange system.
🚨 BREAKING: Watch the full clip here ➤
