The Nigerian naira is holding relatively firm against the United States dollar, extending a recent run of gains at the official Nigerian Foreign Exchange Market while maintaining a narrow gap with the parallel market.

Official data from the Nigerian Foreign Exchange Market show the naira closing at about ₦1,350 per dollar, an improvement from ₦1,358.25 recorded at the previous trading session. This represents an appreciation of ₦8.25, or roughly 0.6 per cent, and marks the currency’s strongest close in several months.

Central Bank of Nigeria figures indicate that the latest movement continues a gradual strengthening trend. The naira had earlier firmed from around ₦1,365.69 per dollar to ₦1,357.61 before edging closer to the ₦1,350 band, signalling a period of relative calm after months of volatility.

Live market quotes place the dollar at approximately ₦1,351.25 in intraday trading, suggesting that the official rate is stabilising around the mid-₦1,300 level. Dealers say trading has been more orderly, with fewer sharp intraday swings than seen earlier in the year.

In the parallel market, however, the dollar still commands a premium. Bureau De Change operators are quoting about ₦1,407 for buying and ₦1,420 for selling. This means a customer seeking to purchase $1,000 would need roughly ₦1.42 million, while someone selling the same amount would receive about ₦1.407 million.

The spread between the official and parallel markets remains significant but contained. With the parallel-market selling rate at about ₦1,420 per dollar, the gap stands near ₦70, or roughly 5.2 per cent above the official Nigerian Foreign Exchange Market level.

Analysts attribute the naira’s firmer tone at the official window to improved foreign exchange liquidity and a stronger supply of dollars from both official channels and private inflows. Increased participation by exporters and tighter oversight of speculative activity have also been cited as supporting factors.

Market watchers say sustained stability will depend on continued dollar inflows, credible monetary policy, and investor confidence. For now, the naira’s performance suggests a cautiously stable outlook, with traders closely monitoring whether the recent gains can be consolidated and the gap with the parallel market further reduced.