The Nigerian naira strengthened against the US dollar across both the official and parallel foreign exchange markets ahead of Thursday’s trading session.
At the Nigerian Foreign Exchange Market (NFEM), the dollar was quoted at ₦1,328, compared with ₦1,331 recorded on Tuesday. This represents a ₦3 appreciation by the naira, according to data from the Central Bank of Nigeria.
In the parallel market, the dollar traded at about ₦1,375 on Wednesday, down from ₦1,383 on Tuesday. The movement represents an ₦8 gain for the naira.
The latest parallel market rate leaves a difference of about ₦47 between the informal market and the NFEM rate.
Trading activity in the official foreign exchange market also increased significantly. NFEM turnover rose by 181.5 per cent to $279.2 million, compared with $99.2 million recorded previously.
Meanwhile, Nigeria’s external reserves stood at $54.674 billion as of September 17, providing additional foreign exchange liquidity that could support stability in the naira market.
For individuals and businesses buying or selling foreign currency, actual exchange rates may vary depending on the bank, Bureau de Change operator, location, transaction size and prevailing market conditions.
As of September 24, the latest figures put the US dollar at approximately ₦1,328 at the NFEM and ₦1,375 in the parallel market.
