The naira opened trading with slight fluctuations against the United States dollar across Nigeria’s official and parallel foreign exchange markets on Tuesday.
At the official Nigerian Foreign Exchange Market (NFEM), the local currency opened at approximately ₦1,339.93 per dollar, recording minor movements during early trading. This follows recent sessions in which the official exchange rate faced pressure from strong dollar demand, hovering around the ₦1,330 to ₦1,360 range.
In the parallel market, currency dealers in major cities, including Lagos and Abuja, continued to quote varying rates amid immediate liquidity demands.
Independent dealers reported buying the dollar at approximately ₦1,370, while selling rates averaged between ₦1,380 and ₦1,385.
Market participants say liquidity conditions remain influenced by foreign capital inflows and the Central Bank of Nigeria’s intervention strategies.
Although the country’s foreign reserves remain above $55 billion, sustained demand for dollars from importers and domestic businesses continues to put pressure on the foreign exchange market.