Naira to Dollar rate today, Wednesday, December 3
Nigeria Naira exchange rate stability shaped market confidence on Wednesday as the currency maintained a firm position against the United States Dollar across key trading windows.
Nigeria Naira exchange rate stability remained a major highlight as traders recorded another day of reduced volatility and tighter convergence between the official and parallel markets.
Official Market Performance
Nigeria Naira exchange rate stability showed in the NFEM window, where the currency opened at ₦1,448.43 per dollar.
It hovered close to the ₦1,450 line, backed by steady liquidity and recent transparency measures introduced by the Central Bank of Nigeria.
Parallel Market Movement
In the parallel market, Nigeria Naira exchange rate stability continued as rates traded between ₦1,455 and ₦1,460 in major cities.
The narrow gap of less than ₦15 signalled reduced arbitrage pressure and a more aligned forex landscape.
Strong Economic Backing
Nigeria Naira exchange rate stability is supported by stronger reserves, which now stand at about $44.56 billion.
This marks the highest level in more than five years and boosts the CBN’s ability to manage forex obligations.
Headline inflation also eased to 16.05% in October, improving investor confidence and increasing returns on Naira-linked assets.
CBN Monetary Position
The apex bank held the benchmark interest rate at 27.00% as it focused on maintaining stability.
Governor Olayemi Cardoso noted that Nigeria Naira exchange rate stability reflects real market value, with interventions now aimed at easing volatility.
Market Outlook
Financial analysts expect Nigeria Naira exchange rate stability to stay within the ₦1,445–₦1,465 region through the festive season.
Forecasts remain positive as oil output holds steady and Eurobond yields soften.
Updated Exchange Rates
NFEM Open: ₦1,448.43 / $1
Projected Close: ₦1,450.00 / $1
Parallel Market Buy: ₦1,452 / $1
Parallel Market Sell: ₦1,460 / $1
GBP (Black Market): ₦1,925 / £1
Euro (Black Market): ₦1,680 / €1
