The naira remained relatively stable against the US dollar on Friday, with only a moderate difference between the official foreign exchange market and parallel market rates.
Official Exchange Rate
Data from the Central Bank of Nigeria (CBN) showed the official Nigerian Foreign Exchange Market (NFEM) rate at ₦1,364.83 to the dollar.
The NFEM rate is the benchmark used for eligible foreign exchange transactions in the official market. The CBN calculates it from the volume-weighted average of completed transactions.
Parallel Market Rate
In the parallel market, the dollar was trading at about ₦1,405 on Friday in Lagos and other major trading centres, based on rates gathered from Bureau de Change operators and other currency dealers.
This placed the difference between the official and parallel rates at approximately ₦40 per dollar.
The relatively narrow gap suggests that the two markets are currently closer than they were during periods of severe foreign exchange volatility in 2024 and 2025.
Naira-Dollar Rates at a Glance
| Market | Dollar Rate |
|---|---|
| Official NFEM | ₦1,364.83 |
| Parallel market | ₦1,405 |
| Difference | ₦40.17 |
What $100 Is Worth Today
The difference between the two rates becomes clearer when converting $100.
At the official NFEM rate, $100 would be worth approximately ₦136,483.
At the parallel market rate of ₦1,405 per dollar, the same $100 would exchange for about ₦140,500.
This creates a difference of roughly ₦4,017 between the two rates for a $100 transaction.
Why the Naira Has Remained Relatively Stable
Currency dealers said trading opened cautiously, with foreign exchange demand from importers and individuals being matched to some extent by available supply.
Sources of foreign exchange supply include exporters, remittances and other autonomous inflows.
Recent market movements also indicate that the naira has traded within a relatively narrow range. The official rate has remained around the mid-₦1,360 levels, while the parallel market has stayed close to ₦1,400.
What Could Affect the Exchange Rate
Analysts said the naira’s direction in the coming days will depend on several factors, including foreign exchange inflows, crude oil earnings, diaspora remittances and the CBN’s management of market liquidity.
They noted that continued stability in the official market could also reduce speculative pressure and help narrow the difference between the two markets.
As of Friday morning, trading remained relatively calm, with no major intraday movement reported by currency dealers.
