The naira traded in the mid-₦1,400s on official FX platforms while the parallel (black market) rate remained markedly higher, near ₦1,485–₦1,505 per $1 as dealers continued to price the greenback above official windows.
Key rates:
NFEM / CBN (Daily Nigerian Foreign Exchange Market, volume-weighted average): Roughly ₦1,460–₦1,475 = $1
Parallel / retail (Lagos dealers / Aboki/black market): Buy ≈ ₦1,485 — Sell ≈ ₦1,505 per $1
What happened today
The official Daily Nigerian Foreign Exchange Market (NFEM) — the CBN’s volume-weighted benchmark for the day — stayed in the mid-₦1,400s amid steady demand in banks and the wholesale FX window. Market trackers reported small intraday moves but no large break from the week’s band.
Meanwhile, parallel market dealers in Lagos and other commercial hubs continued to trade the dollar at a sizeable premium to the official rate, with retail sell quotes clustering around ₦1,505. That spread — roughly ₦20–₦45 (or more) between official and parallel midpoints — reflects persistent tightness in dollars available to retail customers and the ongoing two-tier dynamics in Nigeria’s FX ecosystem.
Why the spread remains
Analysts and dealers point to several drivers keeping the parallel market above official windows:
Dollar demand from importers and corporates remains elevated, and some market participants still prefer to transact off-market when access to official FX is slow.
Market sentiment and liquidity: While headline inflation has eased in recent months (reducing some immediate pressure), liquidity swings and policy moves continue to influence short-term rates.
How this affects Nigerians
Importers and businesses paying for dollar-priced goods continue to face higher local costs when forced to use parallel channels.
Remittance recipients and savers may see different outcomes depending on which window they use to convert funds — official transfer services and bank channels will typically reflect the NFEM/CBN band, while cash exchanges at retail bureaus follow the parallel quotes.
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