Naira Trades at ₦1,410 Per Dollar as Forex Rates Remain Under Pressure

(Naira, dollar. Photo Credit: Nairacompare)

The Naira has traded at ₦1,372.96 against the United States dollar at the Nigerian Foreign Exchange Market, while the dollar has sold for about ₦1,410 in the parallel market.

According to official market data released on Wednesday, the NFEM rate remains the benchmark exchange rate for transactions in the official foreign exchange market.

In the parallel market, also known as the black market, the dollar has traded at around ₦1,400 for buying and ₦1,410 for selling, based on reports from Bureau de Change operators and market trackers.

The gap between the official and parallel market rates has continued to reflect strong demand for foreign exchange outside the formal banking system, although the difference has narrowed compared to previous months.

The Central Bank of Nigeria has continued its foreign exchange reforms aimed at improving liquidity and supporting price discovery in the official market.

Rates in the parallel market may vary depending on location, transaction size and individual dealers, while the NFEM rate remains the official benchmark for eligible foreign exchange transactions in Nigeria.