The Nigerian naira held steady against the United States dollar on Tuesday, trading near 1,373 officially as the gap with the parallel rate narrowed amid steadier foreign exchange supply.
Central Bank of Nigeria (CBN) data put the official rate in the Nigerian Foreign Exchange Market at 1,373.25 per dollar, with trades tracked in a tight 1,370 to 1,372 band. Officials credit sustained inflows and regulatory action for the calm.
On the parallel market, often called the black market, dealers quoted the dollar at about 1,395 to buy and 1,405 to sell on Tuesday morning, holding a premium over the official rate. Some informal traders in Lagos and other commercial hubs quoted around 1,385.
The spread between the two markets stayed slim by recent standards, which analysts link to the CBN drive to lift dollar supply and improve transparency under its foreign exchange reforms.
Where the naira moves next, analysts say, will hinge on foreign exchange inflows, import demand, external reserve levels and overall market sentiment. The rates available to individuals and firms can vary with location, transaction size and dealer margins.
