The Naira traded within the mid-₦1,400s on the official Nigerian Foreign Exchange Market platforms on Friday, even as the parallel (black) market continued to price the United States dollar notably higher, settling around ₦1,480–₦1,500 to the dollar.

This persistent disparity kept the premium between the official and street windows near ₦25–₦40.

The official NFEM rate, which is the volume-weighted average used as the CBN-derived benchmark for the day, stood at approximately ₦1,470–₦1,475 per $1.

This valuation reflects the recent reference levels seen in Central Bank and interbank listings, which have been holding in the mid-₦1,400s through mid-October.

In contrast, the parallel market rate, tracked via retail dealers and crowd-sourced platforms, maintained a notable distance, trading between ₦1,480–₦1,500 per $1.

Dealers and market commentators point out that the gap persists because official windows are still grappling with constrained dollar supplies, even as demand from importers and portfolio flows fluctuates.

Recent market reports highlighted that pressures on the Naira include foreign investors offloading local assets and limited central bank dollar provisioning in the near term.

This spread between the official and parallel rates has significant consequences for various economic actors. For importers and corporates, the higher parallel rates translate directly into increased cost pressures when they are forced to source dollars outside official windows.

For remittance recipients, those relying on informal channels may see better conversion rates on the parallel market but must contend with greater volatility.

Ultimately, for all consumers, the enduring spread keeps upward pressure on the prices of dollar-priced goods and services across the board.