Trading in Nigeria’s foreign exchange market opened with the local currency displaying subtle fluctuations against the United States dollar across both official and unofficial channels.
At the official Nigerian Foreign Exchange Market (NFEM), the naira opened around N1,339.93 to the dollar, reflecting minor adjustments during early morning trading. This follows recent sessions where the official rate navigated pressure from elevated dollar demand, lingering near the N1,330 to N1,360 threshold.
In the parallel market, currency operators in major hubs like Lagos and Abuja continue to quote wider spreads due to immediate liquidity needs. Independent dealers reported buying rates floating around N1,370 per dollar, while selling rates averaged between N1,380 and N1,385 per dollar.
Market participants note that overall liquidity conditions remain tied to foreign capital inflows and central bank intervention strategies. Although foreign reserves maintain a stable buffer above $55 billion, ongoing demand from importers and domestic businesses keeps pressure steady across all FX segments.
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