The Central Bank of Nigeria (CBN) says the gap between the official and parallel foreign exchange markets has narrowed to below two per cent, signalling improved stability in the country’s foreign exchange market.
CBN Governor Dr Olayemi Cardoso disclosed this on Tuesday during an event in Gombe, where he highlighted the continued strengthening of the naira against the US dollar.
Represented by the apex bank’s Acting Director of Corporate Communications, Mrs Hakama Sidi-Ali, Cardoso said recent reforms have contributed to greater convergence between official and Bureau de Change exchange rates.
“The naira continues to strengthen, with the spread between official and Bureau de Change rates now below two per cent,” he said, according to the News Agency of Nigeria (NAN).
The CBN governor attributed the improvement to ongoing foreign exchange reforms, noting that they have also supported a steady rise in Nigeria’s external reserves.
According to the apex bank, the country’s external reserves stood at $51.94 billion as of August 3, 2026.
Meanwhile, Obasanjonews24 reports that the naira appreciated against the US dollar in the official foreign exchange market, closing at ₦1,362.55/$1, while the parallel market exchange rate stood at ₦1,425/$1 on Wednesday.
