Exchange Rate Snapshot
| Market | Rate | Previous | Change |
| Official (NFEM) | ₦1,357.60/$ | ₦1,357.65/$ | -0.004% |
| Parallel Market (Buy) | ₦1,400.00/$ | ₦1,400.00/$ | 0.00% |
| Parallel Market (Sell) | ₦1,416.00/$ | ₦1,421.00/$ | -0.35% |
| Official-Parallel Spread | ₦42.40 | ₦42.35 | +0.12% |
Source: CBN Official NFEM data; BuyerMetrics market survey for parallel-market rates.
Other Major Currencies
| Currency | Rate | Previous | Change |
| Euro (€) | ₦1,571.12 | ₦1,566.42 | +0.30% |
| British Pound (£) | ₦1,839.42 | ₦1,833.38 | +0.33% |
| Chinese Yuan (¥) | ₦201.29 | ₦201.26 | +0.01% |
Market Overview
The naira was broadly stable in the official market on Monday, with the NFEM rate moving marginally to ₦1,357.60 per dollar from ₦1,357.65 previously.
The parallel-market buying rate also remained unchanged at ₦1,400/$, while the selling rate eased to ₦1,416/$ from ₦1,421.
Using the parallel buying rate, the official-parallel spread increased marginally to ₦42.40, from ₦42.35.
The small movement suggests that the FX market began the week relatively calm, although the official and parallel markets remain separated by more than ₦40/$.
Key Market Drivers
Today’s FX market is being influenced by:
- Money-market activity: Overnight financing activity reached a record ₦104.9 trillion in July, according to CBN data supplied for today’s report.
- FX market stability: The official rate has remained around the ₦1,358/$ level despite recent movements in the parallel market.
- External reserves: Reserves stood at $52.26 billion in today’s dashboard.
- Oil prices: Brent crude is trading around $89 per barrel, supporting Nigeria’s external earnings outlook.
- Capital-market developments: NGX has postponed the rollout of its revised equities pricing methodology that was scheduled to take effect today.
News Peg
Money-market activity hits record as NGX delays new pricing rules
Nigeria’s financial markets are starting the week with two developments that highlight the changing structure of domestic liquidity and asset pricing.
Data from the Central Bank of Nigeria show that monthly trading volume in the overnight financing market reached a record ₦104.9 trillion in July. The surge points to significantly higher activity in short-term naira funding markets as banks and financial institutions manage liquidity.
The development is important for the FX market because conditions in the money market influence the availability and cost of naira liquidity. The CBN describes the Nigerian Overnight Financing Rate as a transaction-based benchmark for secured overnight naira funding among eligible financial institutions.
At the capital-market level, the Nigerian Exchange has postponed the implementation of its revised equities pricing methodology, which was scheduled to begin today. The new framework was expected to introduce different minimum trading-volume thresholds depending on the price of a stock.
The delay comes after Nigeria had enjoyed a five-week run as the world’s top-performing stock market in dollar terms. South Korea has now moved back into first place following a sharp rebound in its equities market, leaving Nigeria in third place in the latest global ranking, according to Bloomberg data reported by BusinessDay.
For the naira, these developments point to a broader financial-market story. Money-market liquidity, FX conditions and equity-market performance are increasingly interconnected.
Today’s exchange-rate data show relative stability, but the more important question is whether deeper activity in Nigeria’s financial markets can improve liquidity and price discovery across asset classes.
BuyerMetrics Market Watch
The most notable feature of today’s FX market is stability rather than direction.
The official rate moved by only a few kobo, while the parallel buying rate remained at ₦1,400/$.
The official-parallel spread therefore remains almost unchanged at ₦42.40.
This follows the much sharper convergence seen earlier in the month, when the spread briefly fell to ₦35.11.
For now, BuyerMetrics is watching whether the stability around ₦1,358/$ in NFEM can be sustained while money-market activity remains elevated.
The ₦104.9 trillion July overnight-financing volume is particularly important because it gives us another indicator of the depth and activity of Nigeria’s naira funding market.
Quick Market Snapshot
| Indicator | Value |
| Official (NFEM) | ₦1,357.60/$ |
| Parallel Market (Buy) | ₦1,400.00/$ |
| Parallel Market (Sell) | ₦1,416.00/$ |
| Official-Parallel Spread | ₦42.40 |
| Brent Crude | $89/barrel |
| External Reserves | $52.26 billion |
| Market Sentiment | Stable |
BuyerMetrics Bottom Line
The naira opened the week largely stable, with the official rate at ₦1,357.60/$ and the parallel buying rate unchanged at ₦1,400/$.
Behind the calm FX numbers, however, Nigeria’s financial markets remain highly active. ₦104.9 trillion in overnight financing activity in July points to a deeper and more active naira money market, while the NGX’s decision to delay its new pricing methodology adds another layer to the week’s capital-market story.
For the FX market, the key question is whether stronger domestic financial-market activity will eventually translate into deeper liquidity, better price discovery and sustained convergence between NFEM and the parallel market.
