The Nigerian naira maintained relative stability against the United States dollar across key market segments on Sunday, reflecting continued cautious trading activity in both official and parallel foreign exchange markets.

According to data gathered from market sources this morning, the official (Central Bank of Nigeria) exchange rate for the United States dollar (USD) stood at approximately ₦1,430–₦1,436 per $1, as quoted on the Nigerian Foreign Exchange Market (NFEM).

This official figure represents the benchmark rate used by banks and formal forex dealers for daily transactions.

On the parallel (black) market, where Bureau de Change (BDC) operators and informal traders conduct most retail forex transactions, the USD was trading around ₦1,475 to ₦1,490 per $1.

Dealers were reported to be buying dollars at about ₦1,475 and selling at roughly ₦1,490, indicating a slight uptick in the street rate compared with recent sessions.

Market watchers say the spread between official and black market rates continues to reflect underlying forex scarcity and demand pressures, even as policy efforts by the Central Bank of Nigeria aim to narrow the gap and improve liquidity.

Analysts noted that while the mid-market or interbank reference rate has hovered near ₦1,435–₦1,446 per dollar in early January, actual transactional rates at banks may differ slightly based on supply conditions and institutional pricing strategies.

Investors, traders and ordinary Nigerians are advised to exercise caution when transacting forex, especially on the parallel market where rates can vary by location and operator.

Licensed BDCs and authorized channels remain recommended for currency exchange to mitigate risks associated with informal trading.