A man exchanges Nigeria’s currency Naira for US dollars in Lagos, Nigeria (Photo by PIUS UTOMI EKPEI – AFP)
Latest data from the Central Bank of Nigeria (CBN) exchange rate portal showed that the naira rate was approximately ₦1,363.83 per dollar at the official Nigerian Foreign Exchange Market (NFEM) on Monday.
The official market has continued to trade within the ₦1,360 range amid sustained foreign exchange reforms and improved dollar liquidity.
At the parallel market, the buying rate was ₦1,390/$1, with the selling rate at ₦1,400/$1.
Analysts expect the naira to continue responding to foreign exchange inflows, monetary policy measures, and market demand dynamics in the coming days.
Currency dealers said demand for the greenback remained steady across major commercial centres, while supply conditions continued to influence pricing in the informal market.
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Market observers noted that the gap between the official and parallel market rates has narrowed significantly compared to previous years, reflecting ongoing efforts to improve transparency and liquidity in the foreign exchange market.
The exchange rate remains a key indicator for businesses, importers, manufacturers, and individuals involved in international transactions, as fluctuations in the value of the naira directly affect the cost of goods and services.
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