According to data from the Central Bank of Nigeria (CBN), the dollar was priced at N1,537 in the Nigerian Foreign Exchange Market (NFEM) on Friday, down from N1,538 on Thursday, which marked the first trading day of the new year.
The market recorded a peak bid where the dollar was quoted at N1,545 on Friday, unchanged from Thursday. The lowest bid was noted at N1,533, slightly lower than the N1,532 recorded the previous day.
In the parallel market, commonly referred to as the black market, the naira remained stable at N1,665 per dollar on Friday.
At the FMDQ Securities Exchange Limited, the FX market opened at N1,538 per dollar and concluded at N1,534.05/$1 on Friday. Data from the FMDQ indicated that the dollar was quoted at a maximum rate of N1,539 and a minimum bid rate of N1,530.50 at the Nigerian Autonomous Foreign Exchange Market (NAFEM).
This data was compiled using the FMDQ Exchange FX closing rate methodology, incorporating information from Bloomberg BMatch.
In November 2024, the Central Bank introduced detailed guidelines for the interbank foreign exchange trading system through the Electronic Foreign Exchange Matching System (EFEMS), establishing a minimum tradable amount of $100,000 with incremental clip sizes of $50,000.00 to enhance transparency and efficiency in the FX market.
To support interbank trading within this framework, the CBN designated Bloomberg BMatch as the approved platform for EFEMS. All market participants are required to comply with these guidelines and any future amendments issued by the CBN.