The Nigerian naira remained largely stable against the United States dollar across both the official and parallel foreign exchange markets, as market participants continued to monitor liquidity levels and demand dynamics.
At the official Nigerian Foreign Exchange Market (NFEM), the naira traded at approximately ₦1,361 per dollar, with transactions during the week occurring within a narrow range of ₦1,359 to ₦1,365.
The local currency had recorded modest appreciation earlier in June, supported by improved dollar supply and continued interventions by the Central Bank of Nigeria aimed at boosting market liquidity and stabilising the foreign exchange market.
In the parallel market, the dollar exchanged between ₦1,390 and ₦1,405, depending on location and transaction size, while buying rates generally ranged from ₦1,380 to ₦1,395.
Analysts noted that the gap between the official and parallel market rates has narrowed significantly compared to previous months, reflecting ongoing efforts by monetary authorities to improve transparency, enhance liquidity, and strengthen confidence in the foreign exchange market.
Currency dealers said the naira’s near-term performance will largely depend on factors such as foreign portfolio investment inflows, crude oil earnings, and future policy decisions by the Central Bank of Nigeria.
Market observers believe sustained forex inflows and effective liquidity management will be critical in maintaining the currency’s stability in the coming weeks.