The Nigerian naira began the new trading week on a relatively stable footing against the United States dollar, maintaining modest price movements across both the official Nigerian Foreign Exchange Market (NFEM) and the parallel market as traders monitored supply and demand conditions.
At the close of trading on Friday, July 24, the Central Bank of Nigeria’s official foreign exchange market recorded the naira at ₦1,362.09 per US dollar. During the trading session, the exchange rate fluctuated within a narrow band, reaching an intraday high of ₦1,365/$1 and a low of ₦1,359/$1 before settling around ₦1,361/$1.
Parallel market activity also reflected relative stability, Brandspur Banking News Desk reports. On Monday morning, bureau de change operators and informal currency traders quoted the dollar at approximately ₦1,350 for buying and ₦1,375 for selling, although rates continued to vary across different locations depending on market conditions and transaction volumes.
The difference between the official and parallel market exchange rates remains a key indicator watched by businesses, importers and investors, with movements influenced by foreign exchange liquidity, demand for dollars and broader economic conditions.
Currency market participants are expected to continue monitoring developments in Nigeria’s foreign exchange market, including CBN policies, external reserves and inflows, as these factors remain critical in determining the direction of the naira in both official and unofficial trading segments.
