By Seun Ibiyemi
The Naira recorded a mixed performance against the United States dollar on Tuesday, closing at ₦1,379.80/$ at the official Nigerian Foreign Exchange Market (NFEM), while trading at higher rates in the parallel market.
Data released by the Central Bank of Nigeria (CBN) showed the local currency remained within the ₦1,370 to ₦1,380 trading band that has characterised recent sessions, reflecting relative stability at the official foreign exchange window despite sustained demand for the dollar.
At the parallel market, the dollar exchanged at about ₦1,385 for buying and ₦1,400 for selling in major trading centres, including Lagos and Abuja, leaving a modest gap between the official and unofficial markets.
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Market participants attributed the currency’s performance to ongoing monitoring of foreign exchange liquidity and dollar demand, with investors closely watching developments in the FX market.
Analysts noted that the relatively narrow spread between the official and parallel market rates indicates improved stability in the foreign exchange market compared to the wide disparities witnessed in previous years, although exchange rates continue to vary across banks, bureaux de change and other market segments depending on transaction size and prevailing demand.
