The Nigerian naira traded around ₦1,350–₦1,355 per US dollar at the official window and about ₦1,395 to ₦1,420 in the parallel market, reflecting continued pressure and a persistent gap between both segments of the foreign exchange market.
At the Nigerian Foreign Exchange Market (NFEM), the official trading range has remained relatively stable in recent sessions, with the naira hovering close to ₦1,351 per dollar in some trades.
This stability is largely supported by the Central Bank of Nigeria’s managed float system, where periodic interventions and liquidity management help reduce sharp fluctuations.
However, in the parallel market, the naira continues to trade at a weaker level due to stronger demand for dollars outside the official channels.
Bureau de Change operators report buying rates around ₦1,395 and selling rates reaching as high as ₦1,420, depending on location and transaction size.
The widening gap between official and parallel market rates—currently estimated at about ₦40 to over ₦60—highlights ongoing constraints in foreign currency supply within formal channels.
This disparity continues to encourage demand in the informal market.
Analysts say sustained pressure on the naira is driven by high import demand, travel needs, and external debt obligations, alongside fluctuating foreign exchange inflows, particularly from oil revenues, which remain a key source of dollar earnings for Nigeria.
Overall, the exchange rate movement reflects a familiar pattern of relative calm in the official market, contrasted with persistent depreciation pressures in the parallel market, underscoring structural challenges in Nigeria’s foreign exchange system.
