- Nigerian naira stable at 1,358.63/$ on official market, black market premium narrow
The Nigerian naira traded at 1,358.63 against the U.S. dollar on the official foreign exchange market on Thursday, reflecting ongoing exchange rate stability following Central Bank of Nigeria interventions to tighten liquidity.
The official spot market opened near 1,365.69 naira per dollar before trading in a tight band between 1,356.61 and 1,361.25, according to market data.
In the unofficial parallel market, the local currency was quoted at around 1,400.00 naira per dollar.
Bureau de Change operators in Lagos and Abuja reported steady liquidity and muted intraday volatility.
The spread between the official and parallel rates has narrowed significantly in recent months, driven by monetary policy tightening, improved liquidity management, and foreign exchange reserve buffers.
