The Nigerian naira continued to exhibit fragile performance against the United States dollar on Thursday, as official and parallel market indicators reflected persistent volatility in the foreign exchange (FX) market.
Data from financial platforms and Bureau De Change (BDC) operators show that the dollar to naira exchange rate on Thursday stood at approximately ₦1,350 per $1 USD in the official window, with slight intraday fluctuations. The naira’s trading range on major FX tracking platforms indicated a bid-ask spread of about ₦1,347 to ₦1,355 per dollar in official market trades.
In the parallel or black market, sources quoted exchange rates ranging from ₦1,345 to ₦1,355 per $1 USD, underscoring a continued but modest convergence with formal market rates.
Analysts attributed the relatively narrow gap between official and parallel market rates to ongoing interventions by the Central Bank of Nigeria (CBN) and an uptick in foreign exchange inflows in recent weeks.
However, the naira’s recent performance remains under pressure compared with earlier periods, with traders reporting instances of depreciation over the past days. Official FX data showed the naira weakened to about ₦1,359 per dollar at the close of trading on Wednesday, reflecting downward pressure in the formal market.
Policy developments have also been shaping market sentiment. The CBN has recently adjusted monetary policy settings — including a modest cut in its benchmark interest rate — in a bid to stimulate economic activity while managing inflation. Experts continue to watch how these policy shifts impact FX dynamics and investor confidence.
Meanwhile, political and economic leaders have offered varying outlooks on the naira’s future. Government officials have pointed to structural reforms and increased foreign investments as potential stabilising influences on the currency, while cautioning that market forces and liquidity dynamics will remain key determinants in the near term.
Observers note that demand for dollars — driven by import requirements, external payment obligations, and speculative activity — continues to exert pressure on the naira. Despite this, some segments of the market reflect optimism that improving FX supply and targeted policy measures may support relative stability in the coming months.
This report will be updated as fresh FX market data and official figures become available.
