By Onu Okorie

 Naira remained steady against the dollar on Tuesday, as traders monitored foreign exchange flows while awaiting the Central Bank of Nigeria’s latest monetary policy decision.

At the official Nigerian Foreign Exchange Market, the naira traded at roughly ₦1,380 per dollar, with the volume-weighted average rate settling at ₦1,380.18/$, according to CBN data.

On the parallel market, popularly known as the black market, dealers quoted the dollar at ₦1,410 on the buy side and ₦1,425 on the sell side. Sources noted that these rates are not uniform, varying depending on location, dealer activity and the size of transactions being carried out.

Analysts observed that the gap between the official and parallel market rates has narrowed considerably compared with previous years. They attributed the tightening spread to improved liquidity in the formal forex market, a development linked to reforms implemented by the CBN.

The relative stability in the currency market comes as attention turns to the outcome of the apex bank’s Monetary Policy Committee meeting, with market watchers keen to see how the decision might influence exchange rate dynamics in the coming days.