The naira traded relatively steadily against the United States dollar on Thursday across Nigeria’s official and parallel foreign exchange markets.
At the official Nigerian Foreign Exchange Market (NFEM), the naira exchanged at approximately ₦1,346.05 per dollar. Trading activity recorded moderate intraday fluctuations as commercial banks and corporate organisations conducted transactions for international trade, import payments and capital remittances.
The exchange rate remained within a narrow range amid liquidity support measures and market interventions by the Central Bank of Nigeria (CBN), aimed at easing pressure on dollar demand.
In the parallel market, also known as the black market, currency traders and Bureau De Change operators in major cities, including Lagos, Abuja and Kano, quoted buying rates of about ₦1,375 per dollar and selling rates of approximately ₦1,385 per dollar.
The difference between the official and parallel market rates remained relatively small.
Market analysts attributed the stability to sustained external reserves, which stood above $55 billion. Foreign exchange inflows from crude oil exports and diaspora remittances were also said to be supporting liquidity across both market segments.
Market participants expect trading conditions to remain relatively stable as commercial demand and supply transactions continue throughout the business day.