Nigerian Naira Stable as US Dollar Sells for ₦1,460 on Streets

The Nigerian Naira is holding steady with the US Dollar selling for ₦1,460 on the streets, slightly higher than the official rate of ₦1,441.33. The parallel market continues to trade at a premium, reflecting persistent cash demand and short-term import hedging.

Analysts note the divergence between official and parallel rates, attributing it to external pressures beyond government control. The Central Bank of Nigeria's interventions have helped stabilize the official rate, while the parallel market hovers around ₦1,455-₦1,460.