Naira Appreciates Against Dollar Today— Reports

Naira Appreciates Against Dollar Today— Reports

The naira traded largely stable on Wednesday, with the official Daily Nigerian Foreign Exchange Market (NFEM) fixing closing in the mid-₦1,400s, even as the parallel market maintained a higher rate, highlighting the persistent gap between official and informal FX channels.

According to market dashboards tracking the Central Bank of Nigeria’s (CBN) daily fixing, the official NFEM volume-weighted average stood between ₦1,447 and ₦1,449 per US$1.

Real-time platforms monitoring onshore FX flows reported a market-traded close of about ₦1,446.7/$1.

In the parallel market, Bureau de Change operators quoted ₦1,465/$1 for sales and ₦1,455/$1 for purchases, leaving a spread of roughly ₦10.

Market participants said Wednesday’s movements were influenced by moderate liquidity levels in the official window, where banks and authorised dealers continued to price the NFEM fixing based on trades executed on FMDQ/CBN platforms.

The continued divergence — mid-₦1,440s officially versus mid-₦1,460s on the street — remains a challenge for importers and small businesses seeking stable dollar access.