The naira traded at about ₦1,368.22 per US dollar at the official Nigerian Foreign Exchange Market (NFEM), while the parallel market rate stood around ₦1,405 on Friday.
The relatively narrow gap between the two markets reflects continued stability in the foreign exchange market as traders monitor dollar supply and demand.
According to data from the Central Bank of Nigeria and market aggregators, the official NFEM rate was around ₦1,368.22 per dollar.
The figure represents the volume-weighted average of completed transactions in the official foreign exchange market.
Recent CBN data also showed that trading remained within the ₦1,36x range, pointing to limited movement in the official market.
Naira maintains narrow gap between official and parallel markets
In the parallel market, commonly known as the black market, currency dealers quoted the dollar at approximately ₦1,405.
This placed the parallel-market rate about ₦37 above the official NFEM rate.
The difference between the two markets remains considerably smaller than the wide gaps recorded during parts of 2024 and 2025.
The reduced disparity suggests improved convergence between official and parallel-market pricing amid ongoing foreign exchange reforms.
Market dealers attributed the parallel-market demand to importers, travellers and other retail users seeking access to foreign currency.
Meanwhile, dollar inflows from exporters and other autonomous sources have helped support liquidity in the official market.
Analysts are also watching movements in Nigeria’s external reserves, foreign portfolio investments and crude oil receipts.
These factors could influence the supply of dollars and determine the direction of the naira in the coming trading sessions.
For individuals seeking small amounts of foreign currency, the parallel market may provide faster access to cash dollars.
However, businesses with the required documentation are expected to continue using authorised banks and official NFEM channels for their foreign exchange needs.