The naira remained relatively stable against the United States dollar in both the official and parallel markets as trading continued on Wednesday.
At the Nigerian Foreign Exchange Market (NFEM), the official exchange rate stood between ₦1,324 and ₦1,330 per dollar, reflecting steady liquidity under the supervision of the Central Bank of Nigeria (CBN).
The development follows modest gains recorded earlier in the week, indicating continued efforts to limit volatility in the official foreign exchange market.
In the parallel market, which is commonly used by retail traders, international travellers and small-scale importers, the dollar was exchanged at about ₦1,375 for buying and ₦1,385 for selling by Bureau De Change (BDC) operators.
Financial analysts said the narrowing gap between the official NFEM rate and the parallel market rate indicates improved alignment in foreign exchange liquidity.
Market observers are also keeping an eye on capital inflows, oil export earnings and seasonal demand pressures, which remain key factors that could influence the naira’s performance as the third quarter draws to a close.