Today, the Nigerian naira has maintained its recent gains, trading at about ₦1,466 to the US dollar on the official Nigerian Foreign Exchange Market (NFEM). Meanwhile, the naira was quoted at about ₦1,450 on the parallel (street) market, which is monitored by AbokiFX.
According to traders, the official NFEM figure, a volume-weighted average based on interbank trading, indicated that the dollar was under pressure to decline from earlier this month due to ongoing inflows and modest liquidity injections into the market. With posted buy/sell quote centred around ₦1,445–₦1,460 on Monday, AbokiFX’s live black-market feeds on the parallel market revealed dealers buying and selling dollars in the mid-₦1,400s. This level maintains a smaller difference between official and street rates compared to prior months.
BrandSpur banking and finance news desk reports that the naira’s resilience this week, according to market participants, is a result of tighter speculative activity and an improved foreign exchange supply from exporters. However, analysts cautioned that the currency is still susceptible to changes in external flows and central bank operations.
