NGN → USD Rates
NFEM (Official) Rate
Official Market:
Buying: ₦ 1,424.24/ USD
Parallel Market:
Buying: ₦ 1,450/ USD
Selling: ₦ 1,465/ USD
Market Drivers: Dealers said the local currency remained steady as traders reacted to recent policy signals and improved liquidity conditions across the foreign exchange market
Outlook: Experts believe the naira’s short-term direction will depend on steady dollar supply to the official market. Global crude oil prices and Nigeria’s foreign reserve position are also expected to play key roles. Investors are also keeping a close eye on the CBN’s foreign reserves, which serve as a critical buffer for the local currency.