The Nigerian naira has maintained a steady footing against the United States dollar across both the official Nigerian Foreign Exchange Market (NFEM) and the parallel (black) market, supported by sustained FX interventions and healthy foreign reserves.
Data from the Central Bank of Nigeria (CBN) reveals that the official market rate recently strengthened to ₦1,362.09 per dollar, posting a day-on-day appreciation. Meanwhile, in the parallel market, foreign exchange operators reported trading ranges between ₦1,350 to ₦1,375/$1 for purchases and up to ₦1,405/$1 for retail sales, reflecting a remarkably narrow margin between official and unofficial rates.
The continued narrowing of the official-parallel market gap—often called market convergence—signals a shift away from the extreme volatility previously seen in the foreign exchange market.
📊 Current FX Market Snapshot
| Market | Buying Rate | Selling / Closing Rate |
| Official (NFEM / CBN) | ₦1,359.00 / $1 | ₦1,362.09 / $1 |
| Parallel Market (BDC) | ₦1,350.00 – ₦1,395.00 / $1 | ₦1,375.00 – ₦1,405.00 / $1 |
Discover more from VOICE OF THE PEOPLE
Subscribe to get the latest posts sent to your email.
