The Nigerian Naira continued to show relative stability against the United States Dollar in both the official and parallel foreign exchange markets on Wednesday morning.
Data from the Nigerian Foreign Exchange Market (NFEM) indicated that the local currency traded at an official rate of 1,372.84 Naira per Dollar. This represents a slight adjustment from the 1,372.64 Naira recorded in the previous trading session, extending the pattern of narrow sideways movement seen in recent weeks. Market data also pointed to steady liquidity inflows, supported by ongoing Central Bank of Nigeria interventions aimed at reducing volatility.
In the parallel market, also known as the black market, the Dollar traded at similar stable levels. Traders in major cities such as Lagos and Abuja reportedly bought the Dollar at an average of 1,410 Naira, while selling rates ranged between 1,420 Naira and 1,425 Naira per Dollar. The gap between both markets remains below 4%, suggesting reduced arbitrage pressure and improved alignment across segments.
Analysts say the stability is driven by consistent forex supply and tighter monetary policies by the Central Bank. They also expect the Naira to maintain its current range in the coming days as month-end import demand gradually eases.