GistReel
The Nigerian Naira traded at 1,372.84 against the United States Dollar at the official market on Wednesday morning, while the black market rate stood between 1,420 and 1,425 per Dollar, reflecting continued stability across the foreign exchange market.
Data from the Nigerian Foreign Exchange Market (NFEM) showed the local currency recorded a slight adjustment from Tuesday’s official closing rate of 1,372.64 per Dollar.
The marginal movement continues the pattern of steady consolidation recorded at the official window in recent weeks.
Market activity also showed stable liquidity levels as the Central Bank of Nigeria maintained interventions aimed at reducing volatility in the foreign exchange market.
At the parallel market, commonly known as the black market, currency traders in Lagos and Abuja bought the Dollar at around 1,410 Naira.
The greenback was sold between 1,420 and 1,425 Naira, reflecting a narrow gap between the official and unofficial market segments.
The spread between both markets remained below four per cent, a development analysts believe has reduced opportunities for arbitrage trading.
Financial experts linked the Naira’s stability to improved Dollar supply and tighter monetary measures introduced by the Central Bank.
Analysts also expect the local currency to remain within its current trading range as demand linked to month-end import activities gradually slows down.