The Nigerian Naira opened the week showing relative stability, continuing to trade within a narrow range across both the official and parallel markets.
Official Market (NAFEX/NFEM)
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Opening Rate: ₦1,352.81
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Current Rate: ₦1,353.86
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Highest Traded: ₦1,358.44
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Lowest Traded: ₦1,352.25
The Central Bank of Nigeria (CBN) continues to support market liquidity, with foreign reserves currently standing at a multi-year high of approximately $49.51 billion.
Parallel Market (Black Market)
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Buying Rate: ₦1,470
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Selling Rate: ₦1,475
The spread between the official and parallel markets remains relatively narrow compared to previous months, which analysts attribute to reduced speculative activity and improved price discovery mechanisms.
Other Major Currencies (Parallel Market)
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British Pound (GBP): ₦1,845 / ₦1,860
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Euro (EUR): ₦1,585 / ₦1,600
Economic Indicators
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Monetary Policy Rate (MPR): 26.5% (Recently cut by 50bps from 27.0%)
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Inflation Rate: 15.38%
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External Reserves: $49.51 billion
“The narrowing spread between the official and parallel market rates helped to moderate speculative activity and improve price discovery.” — Access Bank Economic Report
