The Nigerian naira on Friday maintained relative stability against the United States dollar at both the official Nigerian Foreign Exchange Market (NFEM) and the parallel market.
At the official market, data from the NFEM showed that the naira opened trading at about ₦1,422.75 to the dollar, representing a slight appreciation from the ₦1,424.57 recorded at the close of the previous trading session.
During the early hours of trading, the exchange rate fluctuated within a narrow margin, reaching a high of ₦1,424.32 and a low of ₦1,421.05 to the dollar.
Market analysts attributed the steady performance of the local currency to sustained interventions by the Central Bank of Nigeria (CBN) and improved liquidity in the banking system. They also noted that the weekly simple average rate has remained around the ₦1,420 mark, indicating a period of consolidation following the volatility experienced toward the end of 2025.
Meanwhile, in the parallel market, the naira exchanged between ₦1,465 and ₦1,475 to the dollar. Operators in major cities such as Lagos and Abuja said the gap between the official and parallel market rates has continued to narrow, compared to levels seen in previous years.
According to Bureau De Change operators, demand for foreign exchange remained moderate, as more corporate organisations were able to access dollars through official channels.
The relative stability of the naira is coming against the backdrop of easing inflationary pressures and a gradual increase in Nigeria’s foreign exchange reserves, which have strengthened the CBN’s capacity to support the currency.
However, analysts cautioned that developments in global oil prices and Nigeria’s upcoming sovereign debt obligations could influence dollar demand and exchange rate movements in the weeks ahead.