The Nigerian Foreign Exchange Market (NFEM/NAFEM) continued to trade the naira within the N1,450 to N1,455 per dollar range despite heightened demand for the dollar ahaed of the festive season.
The naira also maintained relative stability in the parallel market on Monday, despite heightened foreign exchange demand associated with Christmas and New Year preparations. Bureau de Change (BDC) operators across major cities, including Lagos, Abuja, Port Harcourt, and Kano, reported the US dollar selling at N1,496, underscoring a steady rate.
Buying rates ranged between N1,480 and N1,490 per dollar, depending on location and transaction volume with the premium of roughly N40–N45 between both markets reflecting improved access to formal FX channels, even as retail demand sustains activity in the informal segment.
Market analysts attribute the naira’s resilience during the festive season to strong diaspora remittance inflows, sustained CBN interventions aimed at liquidity support and rate convergence, and a narrowing gap between official and parallel rates that has reduced arbitrage pressures.
Recent trends show limited volatility through December, with black market selling rates moving from N1,490 on December 9 to N1,496 by December 15, while official rates have largely held around the mid-N1,450 range.
