At the official market, data from the Central Bank of Nigeria on Tuesday , May 26 showed the naira trading around ₦1,375 to the USD at the NFEM window.
The exchange rate hovered between ₦1,374 and ₦1,377 per dollar during trading sessions.
In the parallel market, also known as the black market, the dollar traded at around ₦1,390 to ₦1,397 for selling, while buying rates hovered between ₦1,385 and ₦1,390 depending on location and transaction volume.
The gap between the official and parallel market rates remained relatively narrow, reflecting ongoing reforms by the apex bank aimed at improving transparency and liquidity in the foreign exchange system.
Currency traders said that the demand from importers and individuals seeking foreign exchange for travel, tuition, and business transactions continued to exert pressure on the naira despite recent gains recorded in the official market.
