Latest official data showed that the naira closed at about ₦1,350 per dollar at the NFEM on Monday, August 17, strengthening from the ₦1,358.25/$ recorded on Friday, August 14.
According to figures published by the Central Bank of Nigeria, the August 17 closing rate represented an appreciation of ₦8.25, or about 0.6 per cent, making it the naira's strongest closing level since April 22, 2026.
Live USD/NGN market data also placed the dollar at approximately ₦1,351.25, indicating that the local currency remained close to the ₦1,350/$ level in subsequent trading.
In the parallel market, also known as the black market, Bureau De Change operators quoted the dollar at about ₦1,407 for buying and ₦1,420 for selling.
This means customers seeking to purchase $1,000 would need approximately ₦1.42 million, while those selling the same amount could receive about ₦1.407 million, depending on location and prevailing market conditions.
The parallel market selling rate of ₦1,420 was roughly ₦70 higher than the official NFEM rate, leaving a gap of about 5.2 per cent between the two markets.
The naira's recent gains at the official market have been linked to improved foreign exchange liquidity and increased dollar supply.
Market trends indicate continued stability after the currency moved from ₦1,365.69/$ in the previous week to ₦1,357.61/$ on August 17, before strengthening further to around ₦1,350 per dollar.
Analysts and market participants will continue to monitor foreign exchange liquidity, dollar inflows and demand pressures in the coming days to determine whether the naira can sustain its recent gains.
0 Comments
DISCLAIMER
The views and opinions expressed on this platform as comments were freely made by each person under his or her own volition or responsibility and were neither suggested nor dictated by the owners of News PLATFORM or any of their contracted staff. So we take no liability whatsoever for such comments.
Please take note!