Naira Softens to ₦1,351 in Mid-Week Trading

The Nigerian Naira experienced a slight depreciation in the official market today, opening at approximately **₦1,351.59 per US Dollar**. Financial analysts attribute this softening to a mid-week surge in demand for the greenback, even as the Central Bank of Nigeria (CBN) continues its managed float policy to maintain liquidity.

In the parallel market, the exchange rate remains significantly higher, with Bureau De Change (BDC) operators in hubs like Abuja and Lagos reporting rates between **₦1,465 and ₦1,480**. This has created a spread of roughly 113 Naira between the official and informal markets, largely driven by small-scale importers and individuals seeking personal travel allowances.

Market turnover at the official window (NFEM) remains a key metric for investors who are waiting to see if the new economic leadership under Taiwo Oyedele will introduce fresh measures to bridge the gap and further stabilize the local currency.

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