The Nigerian naira maintained relative stability against the United States dollar at both the official Nigerian Foreign Exchange Market (NFEM) and the parallel market as traders monitored foreign exchange liquidity and demand conditions at the start of the new trading week.

Latest data available from the Central Bank of Nigeria’s exchange rate portal showed the naira closing around ₦1,363.83 per dollar at the official NFEM window, reflecting only marginal movements compared to recent trading sessions. The official market has largely traded within the ₦1,360 range in recent days, supported by ongoing reforms and improved foreign exchange supply.

In the parallel market, commonly known as the black market, the dollar traded at about ₦1,395 per dollar, according to market data trackers and bureau de change indicators. This leaves a gap of roughly ₦31 between the official and parallel market rates.

The naira has shown signs of stability in recent weeks, with official market rates fluctuating within a relatively narrow band. Earlier market reports indicated the currency traded around ₦1,360.55/$ at the NFEM, while parallel market rates hovered between ₦1,400 and ₦1,405 per dollar.

Analysts attribute the relative calm in the foreign exchange market to sustained liquidity, improved transparency in the unified foreign exchange system, and continued monitoring by monetary authorities. The Central Bank of Nigeria notes that the NFEM rate is derived from a volume-weighted average and serves as the country’s official exchange rate benchmark.

At the prevailing rates, $100 would exchange for approximately ₦136,383 at the official NFEM window and about ₦139,500 in the parallel market, highlighting the continuing premium available in the informal market.

Market participants are expected to continue watching foreign exchange inflows, demand pressures, and policy developments that could influence the naira’s performance in the days ahead.

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