Naira maintains ₦1,373/$1 in official market

The Nigerian naira maintained a relatively stable position against the United States dollar this morning, trading around ₦1,373.25 per dollar in the official Nigerian Foreign Exchange Market (NFEM).

According to data from the Central Bank of Nigeria (CBN), the official exchange rate stood at ₦1,373.25/$1 based on the most recent trading figures, reflecting continued stability in the foreign exchange market.

Market trackers also showed the naira trading within a narrow range of ₦1,370 to ₦1,372 per dollar during official market transactions, supported by sustained forex inflows and regulatory measures aimed at improving liquidity.

In the parallel market, the dollar exchanged for about ₦1,395 for buying and ₦1,405 for selling, with some traders in commercial centres such as Lagos quoting slightly lower rates around ₦1,385.

The gap between the official and parallel market rates remained relatively moderate compared to earlier months, indicating improved supply conditions and ongoing efforts to stabilise the foreign exchange market.

Analysts said the naira’s outlook in the coming days would depend on forex inflows, import demand, external reserves and overall market sentiment.