The naira traded within a relatively stable range against the United States dollar on Thursday, as the gap between official and parallel market rates remained narrow.
Latest market data showed the local currency exchanging at about ₦1,373 to the dollar at the Nigerian Foreign Exchange Market (NFEM), continuing a trend of relative stability recorded in recent weeks.
Official figures indicated that the exchange rate closed at approximately ₦1,373.25 per dollar, with transactions fluctuating between ₦1,372 and ₦1,375 during trading.
In the parallel market, dealers quoted the dollar between ₦1,375 and ₦1,395 for buying, while selling rates ranged from ₦1,385 to ₦1,405 depending on location and transaction size.
Market observers say the relatively small difference between official and parallel market rates points to improved liquidity conditions compared to wider disparities witnessed in previous months.
According to Vanguard, analysts attributed the naira’s recent stability to ongoing foreign exchange reforms, improved market transparency and efforts aimed at increasing liquidity within the system.
However, they noted that demand from importers, manufacturers and other users of foreign exchange continues to exert pressure on the market.
As of Thursday, the official NFEM rate hovered around ₦1,373 per dollar, while rates in the parallel market remained within the ₦1,385 to ₦1,405 range.
