Naira Holds Mixed Stability as Official FX Rate Closes at ₦1,452/$, Black Market Trades Higher

Naira Holds Mixed Stability as Official FX Rate Closes at ₦1,452/$, Black Market Trades Higher

The Nigerian foreign exchange market opened the week on a mixed note on Tuesday, December 16, 2025, with the Naira showing relative stability at the official FX window while trading weaker at the parallel (black market).

Data from the Nigerian Foreign Exchange Market (NFEM) showed that the Naira closed early trading at ₦1,452.27 per US Dollar, reflecting the Central Bank of Nigeria’s (CBN) continued efforts to stabilise the official exchange rate. During the opening session, trades were recorded within a narrow band of ₦1,451.19 to ₦1,452.57, signalling controlled volatility compared to previous weeks.

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In contrast, the parallel market exchange rate remained higher. Checks with Bureau De Change (BDC) operators and street traders indicated that the US Dollar exchanged between ₦1,465 and ₦1,475 for cash transactions. The premium over the official rate underscores persistent demand-supply gaps in the unofficial market, largely driven by unmet foreign exchange needs of small businesses and individuals.

Currency analysts attributed the relative calm at the official window to improved FX liquidity injections by the CBN and a seasonal slowdown in corporate foreign exchange demand as the year draws to a close. However, they noted that the continued gap between official and black market rates highlights structural weaknesses, speculative activities, and lingering pressure on the Naira.

Market participants remain cautious, closely watching potential CBN policy decisions, particularly measures aimed at exchange rate unification, boosting investor confidence, and easing inflationary pressures in Africa’s largest economy.

Naira Holds Mixed Stability as Official FX Rate Closes at ₦1,452/$, Black Market Trades Higher