Lagos State – The naira traded within a relatively stable range against the United States dollar on Thursday, across both the official Nigerian Foreign Exchange Market and the parallel market.
At the official market, the latest available exchange rate indicated that the naira traded at approximately N1,371.36 to one US dollar, based on the prevailing NFEM rate derived from transactions conducted through the Central Bank of Nigeria’s foreign exchange market.
In the parallel market, commonly referred to as the black market, currency traders quoted the dollar at about N1,405 for buying and N1,410 for selling, reflecting a premium over the official rate due to demand and supply dynamics outside the regulated FX window.
The gap between the official and parallel market rates remains a key indicator of foreign exchange liquidity and demand pressures in Nigeria, with analysts continuing to monitor the spread for signs of tightening or widening.
Currency traders say sustained dollar inflows from remittances, portfolio investment and oil revenue will be critical to narrowing the persistent gap between both windows in the coming months.
The Central Bank has not signalled any imminent policy shift, with traders expecting the current trading band to hold in the near term barring a significant change in market conditions.
Discover more from News247 Nigeria
Subscribe to get the latest posts sent to your email.
