The Nigerian naira held a steady course against the United States dollar at the start of Friday’s trading session, with mild movements recorded across both the official and parallel markets as liquidity conditions continued to shape the direction of trade.
At the Nigerian Foreign Exchange Market, the naira opened within a tight range, hovering around ₦1,369.04 to the dollar — a slight improvement from the ₦1,370.30 recorded at the previous day’s close. The modest recovery suggests a gradual easing of demand pressures within the banking sector.
Activity in the informal parallel market largely echoed the steadiness seen in the official window. Bureau De Change operators in Lagos and Abuja reported similar rates, with the dollar trading at around ₦1,369. The narrowing gap between the two markets points to a rare convergence in supply conditions, offering some temporary relief to importers and businesses seeking foreign exchange.
Analysts attribute the current period of stability to sustained interventions and carefully calibrated monetary policy measures designed to keep volatility in check. However, experts caution that lasting stability will depend largely on a pick-up in foreign capital inflows and stronger crude oil export earnings in the months ahead.