Today’s Exchange Rate Dashboard
| Market | Rate | Previous | Change |
| Official (NFEM) | ₦1,363.76/$ | ₦1,362.56/$ | +0.09% |
| Parallel Market (Buy) | ₦1,420.00/$ | ₦1,409.00/$ | +0.78% |
| Parallel Market (Sell) | ₦1,425.00/$ | ₦1,421.00/$ | +0.28% |
| Official-Parallel Spread | ₦56.24 | ₦46.44 | +21.10% |
Source: Central Bank of Nigeria (Official NFEM); BuyerMetrics Market Survey (Parallel Market).
Official Reference Rates
| Currency | Rate |
| Euro (€) | ₦1,574.67 |
| British Pound (£) | ₦1,836.70 |
| Chinese Yuan (¥) | ₦201.97 |
Source: Central Bank of Nigeria.
Market Overview
The naira weakened modestly in the official Nigerian Foreign Exchange Market (NFEM) on Thursday, closing at ₦1,363.76 per US dollar from ₦1,362.56 in the previous session.
Pressure was more pronounced in the parallel market, where the buying rate depreciated to ₦1,420.00 per dollar from ₦1,409.00, while the selling rate increased to ₦1,425.00.
As a result, the spread between the official and parallel markets widened to ₦56.24, indicating that demand for foreign currency outside the formal banking system remained elevated despite relative stability in the official market.
Key Market Drivers
Today’s foreign exchange market was influenced by:
- Continued demand for US dollars from importers and businesses.
- Foreign exchange liquidity in the official NFEM window.
- Brent crude holding around $80 per barrel, with implications for Nigeria’s FX earnings.
- External reserves rising further to $51.95 billion.
- Global US dollar strength and investor sentiment toward emerging markets.
News Peg
Nigeria’s external reserves continued to strengthen, climbing to $51.95 billion, reinforcing the country’s capacity to support foreign exchange liquidity and meet external obligations. The steady rise in reserves comes as policymakers seek to sustain confidence in the market-driven foreign exchange regime and improve stability in the official FX market.
However, today’s wider gap between the official and parallel markets suggests that stronger reserves alone do not immediately translate into easier access to foreign currency across the economy. Businesses that rely on imported raw materials and equipment continue to monitor the availability and cost of US dollars, making liquidity conditions just as important as reserve levels in assessing the health of Nigeria’s foreign exchange market.
BuyerMetrics Market Watch
Thursday’s trading points to renewed pressure in Nigeria’s foreign exchange market after two sessions of relative stability. Although the official market remained broadly orderly, the sharper depreciation in the parallel market widened the gap between the two exchange rates.
Investors and businesses will be watching whether the increase in external reserves is accompanied by stronger FX supply in the coming days. A narrowing spread would indicate improving market confidence, while a sustained widening could signal persistent demand pressures outside the official market.
Quick Market Snapshot
| Indicator | Value |
| Official (NFEM) | ₦1,363.76/$ |
| Parallel Market (Buy) | ₦1,420.00/$ |
| Parallel Market (Sell) | ₦1,425.00/$ |
| Official-Parallel Spread | ₦56.24 |
| Brent Crude | $80/barrel |
| External Reserves | $51.95 billion |
| Market Sentiment | Under Pressure |
BuyerMetrics Bottom Line
The naira weakened in both the official and parallel markets on Thursday, with the official-parallel exchange rate gap widening as demand for US dollars remained firm. While rising external reserves continue to support confidence in Nigeria’s foreign exchange position, sustained improvement in market liquidity will be critical to narrowing the spread and reinforcing confidence in the current exchange rate regime.
 rate, black market rates, official reference rates and BuyerMetrics' analysis of the latest forex market trends.){kind=link}