NGN → USD Rates
NFEM (official) Rate
Official Market:
- Buying: ₦ 1,453.25/ USD
Parallel Market:
- Buying: ₦ 1,720/ USD
- Selling: ₦ 1,735/ USD
Market Drivers: Liquidity injections by the CBN through authorized dealers have provided some relief to the official market. Stable global oil prices have supported foreign reserves, giving the apex bank room to intervene.
OUTLOOK: Market analysts note that the Central Bank of Nigeria (CBN) has remained active in its intervention windows to ensure liquidity, which has helped prevent a significant slide in the official rate despite the traditional festive season pressure on the currency.