The naira recorded another relatively stable trading session against the United States dollar on Tuesday, July 14, as the gap between the official and unofficial foreign exchange markets remained largely unchanged.
Figures released by the Central Bank of Nigeria through the Nigerian Foreign Exchange Market (NFEM) showed the local currency closing at about ₦1,379.62 to the US dollar. Trading activity during the session was relatively calm, with the exchange rate moving within a narrow range of ₦1,375.00 to ₦1,382.00 per dollar.
Outside the official market, currency dealers continued to quote the dollar at higher rates. Buying transactions were conducted at around ₦1,400 per dollar, while the greenback exchanged hands at approximately ₦1,410 for sellers, maintaining a modest premium over the official market.
The relatively narrow gap between the two markets has persisted in recent weeks, suggesting improved liquidity in the official foreign exchange window compared with previous periods when wider disparities were common.
Market participants note that exchange rates in the unofficial market are influenced by demand, location and individual dealers, meaning prices may differ slightly across cities and trading points. In contrast, the official NFEM rate is determined by transactions completed within Nigeria’s regulated foreign exchange market under the supervision of the Central Bank of Nigeria.
The latest exchange rate movement reflects continued stability in the foreign exchange market, with only limited day-to-day fluctuations recorded during Tuesday’s trading session.
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