The naira recorded a marginal gain against the United States dollar at the official foreign exchange market on Thursday, strengthening to ₦1,362.55 per dollar as the local currency continued to trade within the ₦1,360 band.
Data released by the Central Bank of Nigeria (CBN) showed that the Nigerian Foreign Exchange Market (NFEM) rate improved from ₦1,364.83 per dollar recorded earlier in the week.
The latest movement reflects a slight appreciation of the naira at the regulated market, where the currency has maintained relative stability in recent trading sessions.
However, the gap between the official and parallel market rates remained wide.
At the parallel market, popularly known as the black market, the dollar traded at about ₦1,410 for buying and ₦1,425 for selling, according to Bureau de Change operators and market trackers.
The difference between the NFEM rate and the parallel market selling rate stood at approximately ₦62 per dollar, underscoring the higher cost faced by individuals and businesses sourcing foreign exchange outside the official window.
Market analysts attributed the naira’s relative stability at the official market to improved foreign exchange liquidity and continued interventions by the CBN.
They, however, noted that persistent demand from importers, travellers and other retail users continued to exert pressure on rates in the informal market.
According to the apex bank, the NFEM benchmark is derived from the volume-weighted average of foreign exchange transactions conducted in the official market and remains the reference rate for regulated forex dealings in Nigeria.
