Data from the Nigerian Foreign Exchange Market (NFEM) on Wednesday, May 27, showed that the Naira is trading at an official rate of 1,372.84 per Dollar.
This reflects a marginal adjustment from the 1,372.64 Naira recorded during the previous day’s trading session, continuing a trend of tight horizontal consolidation in the official window through the latter half of May.
Daily transaction metrics indicate steady liquidity inflow as the Central Bank of Nigeria sustains its market interventions to manage structural volatility.
Conversely, activity in the unofficial parallel market, commonly referred to as the black market, mirrored the stability seen in the official window. Street traders in major currency hubs, including Lagos and Abuja, are buying the greenback at an average rate of 1,410 Naira and selling between 1,420 Naira and 1,425 Naira per Dollar.
The spread between the official window and the parallel market remains comfortably under 4%, pointing toward minimized arbitrage opportunities and increased equilibrium across the segments.
