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