Nigeria’s FX market stable as naira trades around ₦1,452–₦1,468 across windows

Nigeria’s FX market stable as naira trades around ₦1,452–₦1,468 across windows

The Nigerian naira traded firmly in the mid-₦1,400s against the US dollar on Wednesday, November 26, reflecting a period of relative calm across both the official and parallel foreign-exchange markets. Data from the Daily Nigerian Foreign Exchange Market (NFEM) — the volume-weighted average price (VWAP) — placed the official benchmark between ₦1,452 and ₦1,456 per $1, while parallel market dealers quoted buying rates of ₦1,450–₦1,455 and selling rates of ₦1,460–₦1,468.

The NFEM VWAP, widely used by banks, importers and government agencies for pricing dollar-linked transactions, has remained stable in recent sessions, signalling improved liquidity in the formal market. In contrast, the parallel market — which influences remittances, retail FX demand and informal trade — showed slightly wider spreads as cash dealers adjusted to market flows.

READ ALSO:

• Armed bandits abduct eight residents in Kano’s Tsanyawa LGA amid rising rural insecurity
• Breaking: 24 Kebbi schoolgirls escape abduction after security sweep
• Graeme Souness criticizes Mohamed Salah’s form amid Liverpool’s slump

Analysts attribute the current naira levels to continued Central Bank of Nigeria (CBN) management of official FX windows, recent gains in market liquidity, and the central bank’s hawkish monetary-policy stance. Recent CBN decisions on interest rates and corridor adjustments — aimed at curbing inflation and steadying the FX market — have shaped investor sentiment and guided bank pricing.

For businesses, the consistent NFEM rate around ₦1,452–₦1,456 offers more predictable cost planning for importation. However, individuals and small businesses relying on informal channels may continue to face higher parallel-market prices in the upper ₦1,460s, affecting everyday FX-related expenses.

Nigeria’s FX market stable as naira trades around ₦1,452–₦1,468 across windows