Naira Holds Firm Against Dollar As Exchange Rate Stays Stable

(Naira To Dollar. Photo by Nairacompare)

The latest official data from the Central Bank of Nigeria (CBN) shows that the naira exchanged at approximately ₦1,373.25 to the dollar at the Nigerian Foreign Exchange Market (NFEM) on Wednesday, holding steady at the same level recorded at the close of recent trading sessions.

The figure represents the volume-weighted average exchange rate recognised by the CBN and used as the benchmark for the formal market.

Data from currency tracking platforms similarly indicated that the official rate remained within the ₦1,370 to ₦1,375 band, pointing to continued stability in the formal foreign exchange market.

Analysts have attributed this relative stability to improved forex liquidity and the impact of ongoing reforms designed to enhance transparency in the country’s foreign exchange system.

Based on current market rates, $100 would fetch approximately ₦137,325 at the official NFEM rate, while the same amount could yield between ₦138,500 and ₦140,000 in the parallel market.