NAIRA HOLDS STEADY AT OFFICIAL MARKET AS DOLLAR TRADES AT N1,410 ON PARALLEL MARKET
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By Aishat Momoh. O.
The Nigerian naira maintained relative stability against the United States dollar at the official Nigerian Foreign Exchange Market (NFEM) on Tuesday, while the dollar continued to trade at a premium in the parallel market.
Data from the Central Bank of Nigeria’s foreign exchange portal showed the official exchange rate closing around ₦1,379.62/$1, with the market recording an intraday high of ₦1,382.00/$1 and a low of ₦1,375.00/$1, indicating only modest fluctuations during trading.
In the parallel market, also known as the black market, Bureau de Change operators quoted the dollar at about ₦1,410/$1, with buying rates averaging ₦1,400/$1, creating a premium of approximately ₦30 over the official market rate.
The relatively narrow gap between the official and parallel market rates has been sustained in recent weeks, reflecting improved liquidity in the formal foreign exchange market and continued policy interventions aimed at supporting the naira.
According to the prevailing exchange rates, the official NFEM rate stood at approximately ₦1,379.62 per dollar, while the parallel market buying and selling rates were around ₦1,400/$1 and ₦1,410/$1, respectively.
Foreign exchange dealers noted that rates in the parallel market may vary slightly depending on location and dealer, while the official NFEM rate is determined by transactions conducted within Nigeria’s regulated foreign exchange market.
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