Naira gains as dollar falls to ₦1,328 at NFEM, ₦1,375 parallel market

The naira recorded gains against the US dollar across Nigeria’s official and parallel foreign exchange markets, with the local currency appreciating ahead of Thursday’s trading session.

At the Nigerian Foreign Exchange Market (NFEM), the dollar was quoted at ₦1,328 in the latest available data, down from ₦1,331 on Tuesday.

According to Central Bank of Nigeria (CBN) data, the movement represents a ₦3 appreciation by the naira in the official market.

The naira also strengthened in the parallel market, where the dollar traded at around ₦1,375 on Wednesday, compared with ₦1,383 the previous day. This translates to an ₦8 appreciation by the local currency.

The latest rates put the difference between the parallel-market and NFEM rates at about ₦47.

Meanwhile, turnover at the official foreign exchange market rose sharply by 181.5 per cent to $279.2 million, compared with $99.2 million previously.

Nigeria’s external reserves were also reported at $54.674 billion as of September 17, a level that provides additional foreign-exchange liquidity and support for the naira.

Market participants should note that actual exchange rates can differ depending on the bank or Bureau de Change operator, location, transaction size and prevailing market conditions.

Based on the latest confirmed figures as of September 24, the dollar was approximately ₦1,328 at the NFEM and ₦1,375 in the parallel market.

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