Adedokun Waliyu 
The naira traded at ₦1,364.83 to the US dollar in the official foreign exchange market, maintaining relative stability around the mid-₦1,300 range.
The rate, published by the Central Bank of Nigeria (CBN), represents the official Nigerian Foreign Exchange Market (NFEM) benchmark.
The CBN explains that the NFEM rate is determined using the volume-weighted average of completed transactions in the market.
At the official rate, $100 was equivalent to approximately ₦136,483, while $1,000 was worth about ₦1.365 million.
The naira had previously traded at ₦1,357.65 per dollar, meaning the latest official rate represents a weakening of about ₦7.18 per dollar, or roughly 0.53 per cent.
In the parallel market, the dollar was quoted at around ₦1,405, creating a difference of approximately ₦40 per dollar between the official and parallel-market rates.
The relatively narrow gap between the two markets reflects calmer foreign exchange conditions, although dollar supply and demand continue to influence movements in the naira.
Foreign exchange inflows from exporters, remittances and other sources, alongside demand from importers and individuals requiring foreign currency, remain key factors shaping the market.
