Latest official data from the Central Bank of Nigeria (CBN) showed that the naira traded at approximately ₦1,373.25 per dollar at the Nigerian Foreign Exchange Market (NFEM) on Wednesday, maintaining the level recorded at the close of the previous trading session
The rate reflects the volume-weighted average exchange rate used by the market and recognised by the CBN.
Market data from currency-tracking platforms also indicated that the official exchange rate remained within the ₦1,370–₦1,375 range, underscoring continued stability in the formal forex market.
Analysts attribute the convergence to improved forex liquidity and ongoing reforms aimed at boosting transparency in the foreign exchange market.
Based on prevailing market rates, $100 would exchange for approximately ₦137,325 at the official NFEM rate, while the same amount could fetch between ₦138,500 and ₦140,000 in the parallel market.