UPDATED: See Dollar To Naira Exchange Rate Today

UPDATED: See Dollar To Naira Exchange Rate Today

The Nigerian naira showed mixed movements on Wednesday, recording slight gains in the parallel market while easing modestly at the official foreign exchange window.

In street trading, the currency firmed to about ₦1,500 per US dollar, compared to ₦1,505 earlier in the week, reflecting increased activity among independent dealers and a modest improvement in dollar supply.

At the Nigerian Foreign Exchange Market (NFEM), however, the naira weakened slightly, closing at ₦1,478 per dollar from ₦1,480.15 the previous day. This brought the gap between the official and parallel markets to roughly ₦22, down from around ₦25.

Across other currencies, the pound sterling hovered around ₦2,075 and the euro near ₦1,665 in the parallel market. In the official window, the pound traded at ₦2,030.50, while the euro was quoted at ₦1,620.45—underscoring the modest divergence between both segments.

Market analysts link the parallel market rebound to stronger inflows from diaspora remittances, seasonal trade receipts, and independent supply channels. Still, demand remains elevated, as many businesses, importers, students, and travellers rely heavily on the street market to meet dollar needs unmet by the formal system.

Looking ahead, traders project the dollar will trade within the ₦1,495–₦1,505 band in the parallel market, provided dollar inflows remain steady. Meanwhile, the Central Bank of Nigeria (CBN) is expected to sustain targeted interventions to curb volatility and reinforce market confidence.

Despite the near-term gains, experts caution that lasting stability for the naira hinges on structural reforms expanding non-oil exports, attracting stronger foreign direct investment, boosting FX liquidity, and maintaining consistent macroeconomic discipline.