The Nigerian Naira has shown slight stability against the US Dollar, with the official exchange rate hovering around ₦1,378 – ₦1,385 per USD and the parallel market rate ranging from ₦1,400 – ₦1,415 per USD. The Central Bank of Nigeria’s (CBN) tight monetary policy and improved liquidity have contributed to the Naira’s performance.

Key Exchange Rates:

– Official Rate (CBN): ₦1,378 – ₦1,385 per USD

– Parallel Market Rate:₦1,400 – ₦1,415 per USD

– Mid-Market Rate:₦1,392 per USD

The gap between official and parallel market rates has narrowed, indicating progress in unifying exchange rates. However, experts caution that global economic shifts and local demand patterns remain key risks.

Source: Naira today