The Nigerian naira maintained its recent stability against the US dollar while recording gains against the euro in the official foreign exchange market on Thursday. Data from the FMDQ Exchange showed the naira traded at N1,557 per euro, representing an appreciation from the previous day's close.
Official Market Performance
According to the FMDQ Securities Exchange, the naira opened trading at N1,562 per euro and reached a high of N1,570 before settling at N1,557. This marks a 0.3% gain against the single currency. Meanwhile, the naira remained unchanged against the dollar at N1,480 per dollar, reflecting sustained central bank interventions and improved dollar supply.
Parallel Market Trends
In the parallel market, the naira traded at N1,490 per dollar, slightly weaker than the official rate, while the euro was quoted at N1,570. Market analysts attributed the stability to the Central Bank of Nigeria's (CBN) ongoing efforts to clear the backlog of foreign exchange demand and boost liquidity.
“The CBN's consistent interventions have helped narrow the gap between official and parallel market rates,” said Aminu Gwadabe, President of the Association of Bureau De Change Operators of Nigeria. “We expect further convergence as more liquidity enters the market.”
Impact on Businesses and Consumers
The naira's steadiness provides some relief for importers and businesses that rely on foreign currency for transactions. However, the continued depreciation over the past year has pushed up inflation, with the headline rate hitting 34.19% in June 2026. The CBN has signaled it will maintain its tight monetary policy to support the currency.
Analysts at Lagos-based CSL Stockbrokers noted that the naira's stability against the dollar is a positive sign, but cautioned that external factors such as oil prices and global interest rates could influence future movements.
