The naira remained relatively stable across both official and parallel foreign exchange markets yesterday, trading within a narrow band after modest gains earlier in the month.
According to the Nigerian Foreign Exchange Market (NFEM/NAFEX) data, the official rate closed around ₦1,468 per dollar, while the parallel market quoted the greenback between ₦1,480 (buy) and ₦1,495 (sell).
Market dealers attributed the stability to improved liquidity in official trading windows, which has kept rates in the high ₦1,400s.
Analysts also pointed to recent Central Bank of Nigeria (CBN) policy moves—including a September rate cut—as key factors helping to ease volatility and boost confidence.
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Despite the improvement, a ₦15–₦30 premium persists between official and street market rates, largely due to limited dollar supply and sustained demand from importers and retail buyers.
For businesses and individuals, the development means that importers using official channels will access dollars near ₦1,468, while street traders and private buyers will likely transact at higher rates.
Experts recommend continued monitoring of CBN liquidity interventions and FMDQ/NAFEX intraday movements, which could influence short-term currency trends.
