The naira traded at ₦1,373.25 against the United States dollar in Nigeria’s official foreign exchange market, according to the latest data released by the Central Bank of Nigeria (CBN).
Market data trackers showed the local currency exchanging within the ₦1,370 to ₦1,372 range during official market transactions, indicating relative stability in the foreign exchange market.
At the parallel market, however, the dollar was quoted between ₦1,395 and ₦1,405, reflecting a gap between official and unofficial exchange rates.
Analysts said the near-term performance of the naira would depend largely on the level of foreign exchange inflows into the economy, import demand, the strength of Nigeria’s external reserves, and overall investor confidence.
“The direction of the naira in the coming days will be influenced by foreign exchange liquidity, import pressures and broader market sentiment,” analysts noted.
The exchange rate remains a key indicator for businesses and investors, as policymakers continue efforts to stabilise the currency and improve dollar supply in the market.
The latest figures come amid ongoing scrutiny of Nigeria’s foreign exchange reforms and measures aimed at narrowing the gap between official and parallel market rates.
