MARKET NEWS

BY Femi Fabunmi

The Nigerian Naira started the first week of May on a fairly stable note against the US Dollar across different parts of the foreign exchange market.

According to the Nigerian Foreign Exchange Market (NFEM), the official exchange rate is about N1,375.98 per dollar. Earlier in the day, the Naira slightly improved, moving from N1,375.65 to around N1,376.00, before settling at its current level.

In the parallel market (also known as the black market), the dollar is more expensive. Bureau De Change (BDC) operators in cities like Lagos and Abuja are buying dollars at about N1,410, while selling prices vary depending on location and transaction size.

The difference between the official rate and the black market rate shows that the Central Bank of Nigeria (CBN) is still working to keep enough foreign currency available in the official market, even though demand remains high.
For other currencies, the British Pound is around N1,720, while the Canadian Dollar is about N1,035 in the parallel market.

Experts say the exchange rate may change depending on global oil prices and Nigeria’s monetary policies. Investors and traders are watching closely to see if the Naira will stay stable or come under pressure later in the month.