At the start of the current trading period, the naira maintained a price point of approximately ₦1,362.55 against the dollar within the Nigerian Foreign Exchange Market (NFEM). This official benchmark, which relies on a volume-weighted average, remained steady following the previous day’s closing figure of ₦1,362.55.
Data from the Central Bank of Nigeria highlighted that intraday trading during the prior session fluctuated between ₦1,361 and ₦1,364.70. Conversely, within the parallel market, the dollar was valued at roughly ₦1,415, as reported by tracking services like AbokiFX. This creates a margin of about ₦52 between the official and informal rates.
Reports from street dealers indicate varying prices, with buying rates near ₦1,410 and selling prices reaching up to ₦1,425, depending on the specific location and transaction scale. Market experts attribute the recent stability of the naira to ongoing central bank interventions and a more consistent supply of liquidity.
While demand for foreign currency persists among importers, the local currency has largely stayed within a tight range. Since early July, the official rate has consistently hovered between ₦1,360 and ₦1,365, while the parallel market has seen shifts between ₦1,405 and ₦1,425.
