The naira remained largely stable against the US dollar on Wednesday, trading at approximately ₦1,373.25/$1 at the Nigerian Foreign Exchange Market (NFEM), according to data from the Central Bank of Nigeria (CBN).
The exchange rate was unchanged from the previous trading session, reflecting continued stability in the official foreign exchange market.
The rate represents the volume-weighted average exchange rate recognised by the CBN and used as the benchmark for official transactions.
Data from currency-tracking platforms also showed the naira trading within the ₦1,370–₦1,375 range, underscoring sustained stability in the formal forex market.
Analysts attributed the relative calm in the market to improved foreign exchange liquidity and ongoing reforms aimed at enhancing transparency and efficiency in Nigeria’s forex market.
At the prevailing official rate, $100 would exchange for about ₦137,325, while the same amount could fetch between ₦138,500 and ₦140,000 in the parallel market, reflecting the remaining gap between the official and unofficial segments of the foreign exchange market.
