The naira traded around ₦1,368 to the U.S. dollar at the official Nigerian Foreign Exchange Market (NFEM) on Tuesday, while the parallel market continued to quote the greenback above ₦1,400.
Data from the Central Bank of Nigeria’s portal showed the most recent NFEM volume‑weighted rate at ₦1,368.22/$1, with the official window holding steady in the ₦1,362–₦1,369 band in recent sessions.
In Lagos, parallel market traders were buying dollars at about ₦1,410 and selling between ₦1,415 and ₦1,425, depending on location and transaction size. The gap between official and parallel rates remained around ₦45–₦57 per dollar, underscoring persistent retail demand despite relative calm in the official market.
Analysts say the naira has been more stable in recent weeks compared with the sharp swings of 2024 and early 2025, supported by improved FX liquidity, tighter monetary conditions, and ongoing CBN reforms aimed at boosting transparency.
For everyday conversions, $100 is exchanged for about ₦136,822 at the official NFEM rate, versus roughly ₦141,500–₦142,500 in the parallel market.
The CBN notes that the NFEM rate is derived from a volume‑weighted average of completed transactions and serves as Nigeria’s official benchmark.
