The Nigerian naira began the new month with slight movements against the United States dollar across both official and parallel foreign exchange markets, reflecting ongoing efforts to stabilise the currency.
Early trading data from the Nigerian Foreign Exchange Market (NFEM) showed the naira opening at approximately ₦1,374.69 per dollar, following modest volatility recorded in the closing sessions of April.
Analysts attribute the relative stability at the official window to continued liquidity support from the Central Bank of Nigeria, with demand largely driven by trade-related transactions. The narrow spread between intraday highs and lows indicates a cautious start to the trading month.
In the parallel market, also known as the black market, exchange rates remained closely aligned with official figures. Across key centres such as Lagos and Abuja, Bureau De Change operators quoted the dollar within the ₦1,374 to ₦1,376 range.
The near convergence between the two market segments continues to draw attention, as it reduces opportunities for arbitrage and speculative currency trading.
Despite the overall stability, traders reported a marginal rise in demand for other foreign currencies, including the British pound and Canadian dollar, which exchanged at about ₦1,735 and ₦1,010 respectively in the parallel market.
Market watchers link the current trend to sustained regulatory oversight and monitored capital inflows, though global oil prices and domestic inflation remain key factors influencing the naira’s long-term outlook.
While the narrowing gap between official and parallel rates offers improved clarity for economic planning, the high cost of imports continues to exert pressure on consumer prices across the country.
