Exchange Rate Snapshot
| Market | Rate | Previous | Change |
| Official (NFEM) | ₦1,357.65/$ | ₦1,360.58/$ | -0.22% |
| Parallel Market (Buy) | ₦1,400.00/$ | ₦1,400.00/$ | 0.00% |
| Parallel Market (Sell) | ₦1,421.00/$ | ₦1,419.00/$ | +0.14% |
| Official-Parallel Spread | ₦42.35 | ₦39.42 | +7.43% |
Source: CBN Official NFEM data; BuyerMetrics market survey for parallel-market rates.
Other Major Currencies
| Currency | Rate | Previous | Change |
| Euro (€) | ₦1,566.42 | ₦1,571.44 | -0.32% |
| British Pound (£) | ₦1,833.38 | ₦1,840.32 | -0.38% |
| Chinese Yuan (¥) | ₦201.26 | ₦201.73 | -0.23% |
Market Overview
The naira strengthened by 0.22% in the official Nigerian Foreign Exchange Market (NFEM) on Friday, moving from ₦1,360.58 to ₦1,357.65 per dollar it traded previous day
The parallel-market buying rate was unchanged at ₦1,400/$, while the selling rate edged higher to ₦1,421/$.
As a result, the official-parallel buying spread widened from ₦39.42 to ₦42.35.
This means the official market continued to show strength, but the parallel market did not follow. The widening spread therefore remains an important indicator to watch despite the stronger NFEM rate.
Key Market Drivers
Today’s market is being shaped by:
- CBN liquidity measures: The removal of restrictions allowing banks active in NFEM and primary government auctions to access the CBN’s discount window could improve money-market liquidity.
- Treasury bill demand: Investors submitted ₦4.4 trillion in bids for a ₦700 billion one-year Treasury bill offer, highlighting strong demand for naira-denominated fixed-income assets.
- Higher T-bill yield: The one-year Treasury bill stop rate rose to 17.59%, increasing the attractiveness of short-term government securities.
- External reserves: Reserves climbed to $52.20 billion in today’s dashboard.
- Oil: Brent crude remains around $88 per barrel, supporting Nigeria’s external earnings outlook.
News Peg
CBN liquidity measures meet strong demand for Nigerian government securities
The CBN’s decision to ease access to its discount window for banks active in the Nigerian Foreign Exchange Market and primary government auctions is putting financial-market liquidity at the centre of today’s economic conversation.
The move comes as investors continue to show strong appetite for Nigerian Treasury bills. At the latest auction, investors submitted ₦4.4 trillion in bids for a ₦700 billion one-year offering, while the stop rate rose to 17.59%.
That combination is significant for the FX market.
Stronger demand for naira-denominated securities can help deepen the domestic financial market and potentially attract or retain investment in local assets. At the same time, improved access to CBN liquidity facilities could make it easier for banks to manage short-term funding pressures.
However, today’s FX numbers show why the liquidity story needs to be watched carefully. The official rate strengthened to ₦1,357.65/$, but the parallel buying rate remained at ₦1,400/$, leaving a ₦42.35 spread.
The CBN is also opening applications for the second cohort of its regulatory sandbox, including a dedicated track for Virtual Asset Service Providers and stablecoin and crypto-related solutions. This signals that the central bank’s financial-market reforms are extending beyond traditional banking into emerging digital financial services.
For the naira, the bigger issue is whether these reforms can gradually produce deeper liquidity, stronger price discovery and greater confidence in naira-denominated assets.
BuyerMetrics Market Watch
Today’s most important signal is the continued strength of the official market without a corresponding decline in the parallel buying rate.
NFEM has moved from ₦1,364.89/$ on Wednesday to ₦1,360.58 on Thursday and now ₦1,357.65/$.
Yet the parallel buying rate has remained at ₦1,400/$ for two consecutive sessions.
That means the official market is strengthening faster than the parallel market is converging.
The Treasury bill market provides another important signal. The ₦4.4 trillion demand for a ₦700 billion offer suggests investors remain willing to commit substantial funds to Nigerian government securities even as yields rise.
BuyerMetrics will therefore watch whether strong fixed-income demand, improving reserves and CBN liquidity measures eventually translate into a sustained narrowing of the FX gap.
Quick Market Snapshot
| Indicator | Value |
| Official (NFEM) | ₦1,357.65/$ |
| Parallel Market (Buy) | ₦1,400.00/$ |
| Parallel Market (Sell) | ₦1,421.00/$ |
| Official-Parallel Spread | ₦42.35 |
| Brent Crude | $88/barrel |
| External Reserves | $52.20 billion |
| Market Sentiment | Stable / Improving |
BuyerMetrics Bottom Line
The naira strengthened to ₦1,357.65/$ in the official market on Friday, but the parallel buying rate remained at ₦1,400/$, pushing the spread wider to ₦42.35.
Meanwhile, strong Treasury bill demand and the CBN’s expanded liquidity measures point to continued interest in Nigeria’s naira assets.
The key question going into the next trading sessions is whether strong demand for local securities and improved CBN liquidity management will eventually translate into greater FX-market convergence.
