The Naira opened trading on Thursday on a steady footing against the United States dollar in Nigeria’s foreign exchange market, in both the official and unofficial segments.
At the official Nigerian Foreign Exchange Market, the local currency traded at around ₦1,346.05 per dollar.
Spot market activity showed moderate movements during the day. Commercial banks and corporate entities carried out transactions to settle foreign trade, import bills and capital remittances.
The exchange rate has stayed within a tight range, supported by continued liquidity measures and market interventions by the Central Bank of Nigeria (CBN) to ease pressure on demand.
In the parallel market, popularly known as the black market, street traders and Bureau De Change operators in major hubs, including Lagos, Abuja and Kano, quoted a buying rate of around ₦1,375 per dollar.
Selling rates in the same market hovered near ₦1,385 per dollar.
The premium between the parallel market and the official rate remains relatively narrow.
Market analysts linked the stability to external reserves, which remain above $55 billion.
Strong foreign inflows from oil exports and diaspora remittances continue to support liquidity in both FX channels.
Market participants expect trading conditions to remain stable as regular commercial order flows are absorbed through the business day.
