Naira holds steady as dollar trades around ₦1,325 on September 29

The Nigerian naira continued to trade within a relatively narrow range against the US dollar on Tuesday as activity in the foreign exchange market remained broadly stable.

The dollar opened at approximately ₦1,321.44 in market data for September 29 and later traded around ₦1,324.98, with the day’s range extending from about ₦1,321.44 to ₦1,325.73.

The latest movement suggests that the naira remained relatively stable in the official market, although exchange rates can change throughout the trading day as demand and supply conditions shift.

Meanwhile, the parallel market continued to quote the dollar at around ₦1,375 buying and ₦1,385 selling in the figures provided, with actual street rates potentially differing depending on location and dealer.

The spread between the two market segments remained relatively narrow compared with periods of wider divergence, as businesses, travellers and other foreign-exchange users continued to monitor dollar availability.

Market watchers are also keeping an eye on Nigeria’s external reserves, foreign-exchange inflows and broader economic indicators as the third quarter approaches its end.

Recent data showed the official USD/NGN rate had closed around ₦1,321.44 on September 28, before Tuesday’s trading pushed the pair higher during the session.

For consumers and businesses, the actual rate obtainable for dollar purchases or sales may vary according to the financial institution, authorised dealer, Bureau De Change operator and prevailing market conditions.

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