UPDATED: See Naira Exchange Rate Against Dollar

UPDATED: See Naira Exchange Rate Against Dollar

Nigeria’s currency market opened the week on a calm note, with the official Daily Nigerian Foreign Exchange Market (NFEM) rate trading around ₦1,436 to ₦1,437 per US dollar.

But over at the parallel market, also known as the black or BDC market, the dollar continued to trade at slightly higher levels — between ₦1,450 and ₦1,470, depending on location and dealer activity.

Key Figures at a Glance:

Official (NFEM) rate: ₦1,436–₦1,437 per $1

Parallel/BDC rates:

Buy: ₦1,450–₦1,458

Sell: ₦1,460–₦1,470

Today’s Market Movement:

At the official window, rates held firm in the mid-₦1,430 range, backed by steady foreign exchange inflows from exporters and remittances — a sign of stable liquidity within the system.

However, in city-based BDC markets, demand for physical dollar cash remained high, pushing prices up and sustaining the gap between the official and street rates.

Experts Weigh In:

According to Financial analysts, the persistent spread between both markets is being driven by a mix of policy and structural issues. They point to the Central Bank’s recent reforms, improved non-oil dollar inflows, and the easing of subsidy-related pressures as key factors keeping the official rate stable.

Still, they note that restricted cash access and fragmented BDC operations are maintaining pressure in the parallel market.

Analysts add that global investor sentiment and capital flow trends will continue to shape short-term movements of the naira in the coming days.