Trading in Nigeria’s foreign exchange market opened on Thursday with the local currency displaying steady conditions against the United States dollar across both official and unofficial channels.
At the official Nigerian Foreign Exchange Market (NFEM), the Naira traded around N1,346.05 per US dollar. Spot market activity recorded moderate intra-day movements as commercial banks and corporate entities executed transactions for foreign trade, import bills, and capital remittances. The rate maintains a tight range following ongoing liquidity support and market interventions from the Central Bank of Nigeria (CBN) aimed at easing demand pressure.
In the parallel market, commonly referred to as the black market, street traders and Bureau De Change operators in major hubs including Lagos, Abuja, and Kano quoted buying rates around N1,375 per dollar, while selling rates floated near N1,385 per dollar. The parallel market premium remains relatively narrow compared to the official rate.
Market analysts attribute the market stability to sustained external reserves, which hold above $55 billion.Strong foreign inflows from oil exports and diaspora remittances continue to support liquidity across both FX channels. Market participants expect trading conditions to remain stable as regular commercial order flows are absorbed throughout the business day.
Discover more from NAIRAVOICE.COM.NG
Subscribe to get the latest posts sent to your email.
