The naira exchanged at ₦1,366.41 per dollar at the official Nigerian Foreign Exchange Market (NFEM) on Tuesday, as improved liquidity and foreign inflows supported the currency.
Data from the NFEM showed that the Central Bank of Nigeria (CBN) published the rate as the volume-weighted average exchange rate for the day. Meanwhile, the official exchange rate stayed within the ₦1,350-₦1,370 range in recent weeks.
$100 exchanged for about ₦136,641 at the official NFEM window.
The same amount traded between ₦141,000 and ₦142,000 in the parallel market.
In the parallel market, also called the black market, the dollar traded around ₦1,400 for buying and between ₦1,410 and ₦1,420 for selling.
Rates varied based on location and dealer quotations.
Currency traders said demand from importers, travellers, and businesses remained steady.
In response, improved dollar supply and stronger confidence in the foreign exchange market helped support the naira.
Analysts noted that exchange rates may continue to change due to foreign exchange inflows, global oil prices, and domestic economic conditions.
For more information:
Central Bank of Nigeria official website
Nigeria Foreign Exchange Market information
