The Naira traded at about N1,330.95 to the United States Dollar at the Nigerian Foreign Exchange Market.
Early spot transactions in the official window hovered between N1,330.95 and N1,332.00 per dollar, keeping the currency relatively steady after recent daily swings.
In the unofficial parallel market, street traders and Bureau De Change (BDC) operators in major commercial hubs such as Lagos and Abuja quoted buying rates of roughly N1,360 to N1,365 per dollar. Selling rates in the same market ranged from N1,375 to N1,380 per dollar.
The difference between the official NFEM rate and the parallel market rate still reflects persistent demand from retail buyers, small business importers and individuals who need foreign currency for overseas travel and tuition payments.
At present trading levels, $100 fetches about N133,095 through official banking and NFEM channels. The same amount costs as much as N138,000 when bought from parallel market operators.
Market participants link the current stability in the exchange rate to steady diaspora remittance inflows, together with foreign portfolio investors’ interest in domestic yield instruments.
