Naira Gains at Official Window as FX Liquidity Holds Steady
The Nigerian naira appreciated marginally against the U.S. dollar on the official market platform, aided by stable FX liquidity and a lack of major demand pressures.
According to the Central Bank of Nigeria (CBN), the spot rate on the Nigerian Foreign Exchange Market (NFEM) closed at ₦1,533.73 per dollar, slightly stronger than the ₦1,534.43 recorded in the previous session.
The official exchange rate fluctuated between a high of ₦1,535.99 and a low of ₦1,531.99 before settling at ₦1,535 by the end of the session. The local currency has remained largely range-bound, supported by healthy FX inflows and active interventions by the apex bank.
Despite ongoing CBN interventions, the exchange rate has not deviated significantly from recent trends. Increased inflows from exporters, foreign portfolio investors, and some international oil companies have helped bolster liquidity and confidence in the official market.
In contrast, the parallel market recorded a depreciation in the naira, with the currency falling to ₦1,560 per dollar, as demand for foreign currency in the informal sector surged. Market sources attributed the drop to reduced forex allocations to Bureau de Change (BDC) operators by banks.
Due to this shortfall, peer-to-peer (P2P) trading platforms have reportedly been bridging the supply gap, but often at rates beyond the CBN’s acceptable band, exacerbating the disparity between official and unofficial rates.
Meanwhile, Nigeria’s external reserves continued to build momentum, rising to $39.994 billion this week, driven by 21 separate inflow transactions from unspecified sources, as noted in the latest CBN FX report.
