The foreign exchange market is showing signs of stability this morning as the Naira holds its ground against the Greenback, following yesterday’s slight cooling in inflation data and the ongoing rally in the Nigerian Stock Market.
1. Official Market Rate (NAFEM)
In the official Nigerian Autonomous Foreign Exchange Market (NAFEM), the Naira opened with a slight appreciation compared to Monday’s closing.
-
Opening Rate: ₦1,357.77 per $1.
-
Projected Range: Analysts expect the rate to oscillate between ₦1,355 and ₦1,375 during today’s trading session as the market reacts to President Tinubu’s UK State Visit and potential foreign investment news.
2. Parallel Market (Black Market) Rate
In the unofficial market, the Naira remains relatively stable as demand for the Dollar remains steady among small-scale importers and travelers.
-
Buying Rate: ₦1,385 per $1.
-
Selling Rate: ₦1,400 per $1.
3. Comparison With Other Major Currencies
While the focus remains on the Dollar, the Naira is also being closely watched against the British Pound (GBP) and the Euro (EUR) this morning.
| Currency | Official (CBN/NAFEM) | Parallel Market |
| US Dollar ($) | ₦1,357.77 | ₦1,400.00 |
| British Pound (£) | ₦1,927.85 | ₦2,010.00 |
| Euro (€) | ₦1,664.80 | ₦1,725.00 |
4. Market Sentiment
-
The “Tinubu Effect”: Traders are optimistic that the £746 million port deal in the UK could trigger more Foreign Direct Investment (FDI), providing a much-needed boost to Nigeria’s foreign reserves.
-
Inflation Respite: The slight dip in inflation to 15.06% has provided some psychological support to the Naira, though food-driven inflation remains a concern for long-term stability.
