By Opeyemi Adelakun
The naira maintained relative stability against the United States dollar on Friday, trading at about ₦1,368.22/$ in the official foreign exchange market, while the parallel market rate hovered around ₦1,405/$ as traders monitored liquidity levels and demand for foreign currency.
Data from the Nigerian Foreign Exchange Market (NFEM), published by the Central Bank of Nigeria (CBN) and market data aggregators, showed the official exchange rate settled at approximately ₦1,368.22 per dollar. The figure represents the volume-weighted average of completed transactions in the official market.
The latest exchange-rate data also indicated that the official market has continued to trade within a narrow band around the ₦1,360 range in recent sessions, reflecting limited volatility.
In the parallel market, popularly known as the black market, the dollar exchanged for about ₦1,405 on Friday, representing a premium of roughly ₦37 above the official NFEM rate.
Market observers noted that the gap between the official and parallel markets has narrowed considerably compared with the wide disparities witnessed in 2024 and parts of 2025, suggesting improved price convergence following ongoing foreign exchange reforms.
Currency dealers attributed the relative stability to sustained demand from importers, travellers and other retail users in the parallel market, alongside foreign exchange supply from exporters and autonomous sources in the official market.
Analysts said movements in Nigeria’s external reserves, foreign portfolio investments and crude oil export receipts would remain key factors influencing the naira’s performance in the coming sessions.
They added that while individuals seeking small amounts of foreign currency may continue to rely on the parallel market for quicker access to cash dollars, businesses with approved documentation are expected to source foreign exchange through banks and the NFEM window.
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