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The Nigerian naira traded at around ₦1,410 to the US dollar in the parallel market on Thursday, while the official exchange rate at the Nigerian Foreign Exchange Market stood at approximately ₦1,373.99/$, reflecting a gap of about ₦36 between the two markets.
Market checks showed the naira remained relatively stable in both the official and unofficial foreign exchange markets, although exchange rates continued to vary across cities and currency dealers depending on demand, supply, and transaction volumes.
The NFEM rate, which serves as Nigeria’s official benchmark for eligible foreign exchange transactions, is determined through completed trades in the formal market. In contrast, rates in the parallel market are influenced by prevailing market conditions and are not regulated by the Central Bank of Nigeria (CBN).
Analysts say the relatively narrow premium between the official and parallel markets suggests improved price convergence compared with previous periods, although demand for foreign currency outside the formal banking system continues to sustain the unofficial market.
Businesses, importers, travellers, and other foreign exchange users are advised to confirm prevailing rates with their banks or authorised dealers before completing transactions, as exchange rates can change during the trading day.
Exchange Rate Snapshot
| Market | Exchange Rate |
| Official NFEM | ₦1,373.99/$1 |
| Parallel Market | ₦1,410/$1 |
| Premium | ≈ ₦36/$1 |
Note: Parallel market (black market) exchange rates are unofficial and may vary by location, dealer, and transaction size. The official NFEM rate remains the benchmark exchange rate recognised by the Central Bank of Nigeria
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