Tag: Dollars

The naira traded at around ₦1,362.55 per dollar on the Nigerian Foreign Exchange Market (NFEM) as the official market remained relatively stable at the start of the new trading day.

According to data published by the Central Bank of Nigeria, the official exchange rate closed at ₦1,362.55/$1 on August 4, with intraday trading ranging between ₦1,361 and ₦1,364.70.

The NFEM rate, calculated using a volume-weighted average, serves as the country’s official benchmark.

This puts the gap between the official and parallel market rates at roughly ₦52 per dollar, an indication that demand for foreign currency in the informal market continues to outpace supply, despite the relative calm in the official window.

Other street-market trackers showed dealers buying dollars at around ₦1,410 and selling near ₦1,425, suggesting rates may vary slightly across Lagos and other major trading hubs depending on transaction size and location.

Market analysts say the naira has remained broadly range-bound in recent sessions, supported by continued central bank interventions and improved liquidity in the official market.

It was reported that Nigeria’s currency has been trading within a relatively narrow band, even as demand from importers and other dollar users persists.

Compared to levels seen earlier in July, the official exchange rate has held close to the ₦1,360 ₦1,365 range, while the parallel market has fluctuated around ₦1,405–₦1,425.

For individuals and businesses carrying out dollar transactions today, the applicable rates stand at approximately ₦1,362.55/$1 at the NFEM and ₦1,415/$1 in the parallel market, though actual buy and sell prices may differ slightly across banks, bureaux de change and street dealers.

The Nigerian Naira remained cautious but comparatively stable in the face of the United States Dollar during early morning trade on Thursday, April 9, 2026. As market participants navigate the final trading days of the week, the exchange rate across both the official and informal sectors continues to reflect the ongoing balance between foreign exchange liquidity and high demand for the greenback.

Official Market Performance

Data from the Nigerian Foreign Exchange Market (NFEM) shows that the Naira opened the session with a slight appreciation. The local currency was quoted at 1,379.50 per Dollar, moving marginally from an opening low of 1,378.98. This level indicates a continued effort toward consolidation within the official window, as the market responds to the latest regulatory guidelines and foreign capital inflows.

Trading activity remained moderate in the early hours, with the intraday peak reaching 1,380.00 before settling at the current rate. Analysts suggest that the stability in the official window is a result of consistent market monitoring and improved dollar supply to commercial banks.

Parallel Market Trends

When compared to the official rate, the Naira was under a little greater pressure on the parallel market. Bureau De Change operators in key urban centers, including Lagos, Kano, and Port Harcourt, reported trading rates between 1,415 and 1,430 per Dollar. The slight premium in the black market remains driven by retail demand and small-scale importers who often turn to informal channels to meet their immediate foreign exchange needs.

The difference between the NFEM and parallel market rates has stayed within a predictable range despite the discrepancy, providing some level of transparency for businesses planning their mid-term financial activities.

Economic Outlook

Market spectators are keeping a close eye on the close of trade today, as the Naira’s performance will likely set the tone for the weekend. The central focus remains on whether the current liquidity levels can sustain the 1,379.00 support level at the official window.

For the public and interested parties, the current rates offer a snapshot of a market in transition. While the official rate shows signs of resilience, the activity in the parallel market highlights the persistent demand for the Dollar in the broader economy. Real-time monitoring remains essential for those engaged in international transactions as the market concludes its daily session.