by: Lauretta Fagbohun, Abeokuta.

The Nigerian naira maintained relative stability against the US dollar on Thursday, trading at an average of ₦1,439.90 per dollar on the Nigeria Foreign Exchange Market (NFEM), according to data from Trading Economics.

At the parallel (black) market, dealers in Lagos quoted the greenback between ₦1,450 and ₦1,469, with most trades closing around ₦1,460. The spread between the official and parallel market rates stood at about 2%, indicating a modest gap compared to earlier periods of wider divergence.

Market analysts attributed the steadiness to recent interventions by the Central Bank of Nigeria (CBN) aimed at improving liquidity and tightening speculative activity in the forex market. The CBN’s efforts, including policy adjustments and targeted supply to the interbank window, have helped moderate exchange rate volatility.

Traders noted that the stability in the official rate reflects improved confidence and more orderly interbank flows, following months of turbulence that saw the naira experience sharp swings.

The difference between the NFEM and the parallel market rates remains a key measure of market alignment, affecting import costs, small business operations, and investor sentiment. A smaller premium typically signals improving FX market cohesion and reduced arbitrage opportunities.

After a period of volatility earlier in 2025, the naira appears to have found firmer footing in November, with both official and parallel market rates hovering within the mid-₦1,400 range. Analysts expect the trend to persist if forex inflows and policy consistency continue in the coming weeks.