The Nigerian naira continues to fluctuate within a tight range against the United States dollar across both official and parallel foreign exchange markets, reflecting sustained demand and cautious market sentiment.
At the Nigerian Foreign Exchange Market (NFEM), the official trading window, the naira is currently exchanging between ₦1,350 and ₦1,355 per dollar, based on recent data and trends recorded during the week. This aligns with earlier figures that placed the currency around ₦1,351.59/$ and ₦1,350.74/$ in previous sessions.
The official rate remains influenced by the Central Bank of Nigeria’s managed float system, with slight movements driven by liquidity levels and ongoing foreign exchange interventions.
In the parallel market, commonly referred to as the black market, the naira trades at a weaker rate due to higher demand for dollars outside formal channels. Recent figures from Bureau De Change operators show the dollar being bought at about ₦1,395 and sold between ₦1,405 and ₦1,420.
This creates a gap of roughly ₦40 to over ₦60 between the official and parallel market rates, depending on location and transaction size, indicating ongoing supply constraints in the formal 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 main source of foreign exchange.
Overall, current movements show a familiar trend—relative stability in the official market and higher rates in the parallel market—highlighting persistent structural imbalances in Nigeria’s foreign exchange system.