Naira Holds Firm As Dollar Trades At ₦1,368 Officially, ₦1,405 On Parallel Market

• The naira maintained relative stability against the United States dollar in both the official and parallel foreign exchange markets on Friday.

• The official exchange rate stood at ₦1,368.22 per dollar, while the parallel market traded at about ₦1,405.

• Analysts say external reserves, crude oil earnings and foreign capital inflows will determine the naira’s near-term direction.

The naira remained largely stable against the United States dollar on Friday, trading at ₦1,368.22 per dollar in the official market and about ₦1,405 in the parallel market as market participants monitored liquidity levels and foreign exchange demand.

Data published by the Central Bank of Nigeria (CBN) and market data aggregators showed that the official exchange rate at the Nigerian Foreign Exchange Market (NFEM) closed at approximately ₦1,368.22 to the dollar. The rate represents the volume-weighted average of completed transactions in the official market.

ATTENTION: Click “HERE” to join our WhatsApp group and receive News updates directly on your WhatsApp!

Available CBN data also indicated that the official market has continued to trade within a narrow range in recent sessions, suggesting that exchange rate volatility has remained relatively subdued.

READ ALSO: Visionary Leadership Key to Deepening Nigeria’s Democracy — Oborevwori

In the parallel market, widely referred to as the black market, the dollar exchanged for about ₦1,405, representing a premium of roughly ₦37 over the official NFEM rate.

The difference between both markets remains considerably lower than the wide gaps recorded in 2024 and parts of 2025, reflecting continued convergence following the Federal Government’s foreign exchange reforms.

Currency dealers attributed the parallel market rate to sustained demand from importers, travellers and other retail users, while noting that foreign exchange inflows from exporters and autonomous sources have continued to support liquidity in the official market.

Market analysts said the naira’s performance in the coming days would largely depend on developments in Nigeria’s external reserves, foreign portfolio investment inflows and crude oil export receipts.

They also noted that while individuals seeking smaller amounts of foreign currency may continue to rely on the parallel market because of easier access, businesses with the required documentation are expected to source foreign exchange through the official banking system and the Nigerian Foreign Exchange Market.