Naira Faces Fresh Setback As Dollar Exchange Rate Surges Today, September 12

The Nigerian naira continued to trade against the United States dollar across both the official foreign exchange market and the parallel market on Friday, with the local currency recording a slight movement in the official window.

According to Bush Radio Academy, data from the Central Bank of Nigeria showed that the naira traded at ₦1,326.5192 to the US dollar on Friday.

The latest figure represents a slight improvement compared with Thursday’s rate of ₦1,328.2154 per dollar.

However, activity at the parallel market saw the naira close at about ₦1,390 to the dollar on Friday, reflecting the continued difference between official and unofficial market rates.

Meanwhile, actual rates offered by commercial banks, Bureau de Change operators and other foreign exchange dealers may vary from the reference figures due to transaction margins, market demand and prevailing supply conditions.

Market participants are expected to continue watching foreign exchange inflows, demand for the dollar and policy decisions by the CBN as they assess the naira’s performance and whether the currency can maintain its recent movement in the coming weeks.