Naira: dollar at 1,346.51 nairas at official rate
By the AFREEQUE newsroom, based on Vanguard
The naira trades at 1,346.51 to the dollar on the official Nigerian market, within a narrow range of 1,343.35 to 1,347.32. On the parallel market, the dollar trades between 1,410 and 1,430 nairas, a gap of 64 to 83 nairas, according to Vanguard.
On the parallel market, the dollar was trading between 1,410 and 1,430 nairas depending on the location and the currency dealer, according to Vanguard. This gap represents a premium of about 64 to 83 nairas per dollar over the official NFEM rate.
On the official market, the dollar remained within a narrow range, between 1,343.35 and 1,347.32 nairas at the start of trading, according to the same data. Analysts attribute the persistent gap between the two markets to demand from small importers and individual buyers seeking foreign currency outside banking channels, while the Central Bank of Nigeria still manages liquidity. The level of foreign exchange reserves remains the main benchmark of stability.
