The opening rate for the Naira in the official window was 1,351.13 to the dollar. The rate saw slight oscillations throughout the morning, peaking at 1,352.02 before falling back to 1,350.88 by 7:30 AM WAT. Comparing this to the opening rates, a steady trend is evident.
Maintaining a transparent price discovery mechanism is the central bank’s ongoing strategy, which is largely responsible for the NFEM’s recent stability. According to authorised dealers, the market has a healthy amount of liquidity, which has avoided the jarring, erratic fluctuations that were common in prior years. The week’s mean rate, also known as the simple average, is still centred around 1,348 and shows a very small trading corridor.
With US dollar exchange rates ranging from 1,355 to 1,365 per dollar, the parallel market still closely tracks the official rate. The current harmonisation policies have been successful, as evidenced by the historically low difference between the official and “black market” rates, which is currently less than 1.5%, BrandSpur banking and finance news desk report.
The lack of significant speculative hoarding has prevented the informal rate from deviating from the official benchmark, according to traders in major financial centres like Lagos and Kano, despite the consistent demand for small-scale retail transactions.
