The naira remained stable against the United States dollar on Wednesday, according to the latest available data from the Central Bank of Nigeria (CBN).
Figures from the Nigerian Foreign Exchange Market (NFEM) showed that the local currency traded at approximately ₦1,373.25 per dollar, maintaining the same level recorded at the close of previous trading sessions.
The exchange rate reflects the volume-weighted average rate recognised by the CBN and used as the benchmark in the official foreign exchange market.
Market data from currency monitoring platforms also indicated that the official exchange rate remained within the ₦1,370 to ₦1,375 range, reinforcing signs of continued stability in the formal forex market.
Financial analysts attributed the relative stability of the naira to improved foreign exchange liquidity and ongoing reforms aimed at increasing transparency and efficiency in the market.
The stability comes amid efforts by monetary authorities to strengthen confidence in the foreign exchange system and ensure a more market-driven pricing mechanism.
Based on the prevailing official exchange rate, $100 would exchange for approximately ₦137,325 at the NFEM rate.
However, rates in the parallel market remained slightly higher. The same $100 could fetch between ₦138,500 and ₦140,000, depending on location and market conditions.
The narrow gap between the official and parallel market rates is viewed by analysts as a positive sign for exchange rate convergence and market confidence.
Market observers believe that sustained forex inflows, improved liquidity and policy consistency will be critical to maintaining stability in the coming months.
The CBN has continued to implement measures aimed at deepening transparency in the foreign exchange market while supporting investor confidence and economic stability.
