Dollar to Naira Exchange Rate Today

The naira eased slightly in early Thursday trading as the foreign exchange market responded to routine mid-week liquidity pressures.

While the currency is still trading within the relatively stable band seen throughout January, small movements across both the official and parallel segments highlight the ongoing price-discovery process.

Official Market (NFEM)

At the Nigerian Foreign Exchange Market (NFEM), the naira opened at ₦1,419.37/$1. By mid-morning, the rate had edged to about ₦1,421.33/$1, representing a modest depreciation of roughly 0.14%.

This mild pullback follows the gains recorded earlier in the week and points to a short-term correction as demand from corporates is balanced against available supply.

Despite the intraday softness, the official rate remains close to the ₦1,420 level. Market watchers say the broader stability continues to be supported by improved reserve conditions and steady crude oil export receipts.

Parallel Market

The parallel market recorded a similar pattern of minor adjustment. Dealers in key trading centres such as Lagos and Abuja quoted the dollar in the ₦1,482 to ₦1,495 range.

This marks a slight uptick from the prior day’s average, reflecting steady retail demand and increased activity by small-scale importers restocking for the first quarter.

Notably, the gap between the NFEM and the parallel market remains relatively contained—an indication that ongoing efforts to narrow rate differentials are still holding.