On Monday, the naira maintained a stable position against the U.S. dollar in both the official Nigerian Foreign Exchange Market (NFEM) and the unofficial parallel market. Financial experts are currently observing how Central Bank of Nigeria (CBN) interventions and available liquidity influence these figures.
Official records from the CBN indicate that the NFEM rate is fixed at approximately ₦1,362.55 per dollar. This benchmark reflects the volume-weighted average of all successful trades throughout the session. Meanwhile, in the black market across major cities like Lagos, the dollar is being traded at ₦1,410 for purchases and ₦1,425 for sales. This leaves a difference of roughly ₦62 between the official and street rates.
The currency has exhibited short-term resilience, largely due to ongoing foreign exchange supply from the central bank intended to mitigate market demand. Recent data shows the official rate consistently staying within a tight window between ₦1,362 and ₦1,364. Dealers anticipate these conditions will persist for the immediate future.
Individuals or corporate entities conducting currency exchanges should be aware that final rates might shift based on their specific banking institution, the volume of the transaction, or the chosen payment channel. The NFEM rate is exclusive to authorized formal traders, whereas parallel market rates cover transactions occurring outside official channels.
