Naira Holds Steady as Official Exchange Rate Closes at ₦1,380.17/$
The naira maintained relative stability in the official foreign exchange market, with the exchange rate closing at ₦1,380.17 to the United States dollar on July 1, according to data from the Nigerian Foreign Exchange Market (NFEM).
The exchange rate reflects continued stability in the official market following recent measures by the Central Bank of Nigeria (CBN) aimed at improving liquidity and enhancing transparency in the country’s foreign exchange system.
The CBN publishes the NFEM rate as a volume-weighted average based on transactions executed in the official foreign exchange market. The rate serves as the benchmark for government transactions and formal financial dealings.
Meanwhile, the naira traded at about ₦1,390 per dollar for buying and ₦1,400 per dollar for selling in the parallel market, with rates varying across locations and dealers.
Although demand for foreign exchange from importers, travellers and other end-users remains strong in the informal market, analysts say the relatively narrow gap between the official and parallel market rates indicates improved foreign exchange supply through official channels.
Naira Holds Steady as Official Exchange Rate Closes at ₦1,380.17/$