Dollar to Naira exchange rate today

The Nigerian naira opened trading under sustained demand pressure across both the official Nigerian Foreign Exchange Market (NFEM) and the parallel market, maintaining the wider spread observed earlier in the week.

At the official window, data from the Central Bank of Nigeria (CBN) shows the naira entering the session around the ₦1,350.36 to ₦1,353.50 per dollar band. Early morning international currency feeds recorded spot quotes hovering near ₦1,345.72 per dollar, while official NFEM benchmarks reflect the closing figures from the prior trading session pending the day’s official fixing.

Earlier in the week, trading at the official window saw intraday fluctuations between ₦1,349.25 and ₦1,354 per dollar, with interbank turnover reaching $248.07 million across 144 deals. In the parallel market, commonly referred to as the black market, the naira continues to trade at a significant discount to the official rate.

Currency dealers across Lagos and Abuja quoted the dollar between ₦1,411 and ₦1,420 for buying, while selling rates ranged from ₦1,419 to ₦1,430 per dollar depending on transaction volume and location. This leaves an exchange rate gap of roughly ₦68 to ₦80 per dollar between the official NFEM benchmark and street-level rates.

Market analysts attribute the recent softening of the local currency to heightened seasonal foreign exchange demand from importers and travelers heading into the end-of-year period, alongside foreign portfolio investment outflows and a firmer US dollar globally.

Despite the recent dip, which saw the parallel market touch a 10-month low of ₦1,430 per dollar this week, Nigeria’s gross external reserves remain sturdy at approximately $54.9 billion, well above the CBN’s full-year target of $51.04 billion, offering a substantial buffer to support market liquidity through the remainder of the fourth quarter.