Nigeria’s foreign exchange market opened the new month on a positive note on Tuesday, with the naira holding firm at the official market as improved dollar liquidity and rising trading activity strengthened confidence in the local currency.

The latest available data placed the dollar at about ₦1,332.44 at the Nigerian Foreign Exchange Market (NFEM), while the parallel market traded significantly higher, with the greenback selling for around ₦1,405.
The difference of roughly ₦60 to ₦80 per dollar highlights the continued gap between Nigeria’s official and parallel FX markets, despite recent gains in market liquidity.

Market activity has also gathered momentum, with Nigeria’s FX spot market recording a major surge in transactions. Data from the week ended August 21 showed spot turnover jumping to a record $5.01 billion, reflecting stronger activity in the country’s currency market.