Naira Holds in Mid-₦1,400 Range as Official and Parallel Markets Diverge Slightly
The naira exchanged at approximately ₦1,451 to the US dollar in the official Nigerian Foreign Exchange Market (NFEM) on Thursday, while parallel market operators quoted the dollar at about ₦1,475.
In the official window, the Central Bank of Nigeria’s volume-weighted average rate stood at ₦1,451 per dollar, serving as the formal benchmark for market transactions. The parallel market, however, maintained a modest premium of roughly ₦24 to ₦26, as informal traders continued to price foreign currency based on independent demand dynamics.
Analysts note that the gap between both markets remains a key indicator of pressure within Nigeria’s two-tier foreign exchange system. A wider spread typically raises costs for importers and consumers and can weigh on business margins, while a narrower premium may help temper inflation.
Market data across trading platforms this week showed relative stability, with official rates remaining in the mid-₦1,400s. Meanwhile, black market quotes fluctuated in the high-₦1,400s, pointing to persistent but manageable volatility. Independent rate trackers reported parallel market exchanges ranging between ₦1,450 and ₦1,468 on surrounding days.
