By Onu Okorie

The naira traded broadly stable against the United States dollar on Tuesday, with the official and parallel markets showing only a modest gap as traders continued to weigh foreign exchange liquidity conditions and the strength of Nigeria’s external reserves.

Data from the Nigerian Foreign Exchange Market (NFEM) put the naira at approximately ₦1,346.49 to the dollar, while the most recent confirmed official closing rate stood at ₦1,346.90 per dollar. A live market benchmark on Tuesday morning placed the dollar slightly higher, at around ₦1,347.26, indicating the currency was trading close to its recent official levels.
The NFEM rate, calculated by the Central Bank of Nigeria CBN as a volume-weighted average of transactions in the official market, had shown the naira strengthening in recent sessions. On August 21, the currency traded in a range between ₦1,342 and ₦1,348 before closing at ₦1,346.90.

In the parallel, or “black,” market, the dollar was quoted at roughly ₦1,400 to ₦1,410 in Lagos, Abuja and Kano on Tuesday, according to Aboki Forex and other street-market trackers. Bureau de Change operators were reported selling dollars at around ₦1,410 and buying at ₦1,400, putting the street-market premium at approximately ₦53 to ₦63 above the official closing rate — a gap market watchers described as relatively contained compared with periods of sharper volatility.
The Central Bank does not recognise the parallel market as an official channel and has consistently directed individuals seeking foreign exchange to transact through licensed banks rather than street operators.