The Naira held near mid-October levels on Saturday, with official market fixings remaining around ₦1,460 per United States $1, while the parallel (black) market continued to trade notably weaker, averaging ₦1,495–₦1,500 per US$1.

Specifically, the NFEM / Investors & Exporters window (official) rate was reported at ₦1,460.49 / $1, aligning closely with the CBN suggested / indicative rate of about ₦1,458 / $1.

In contrast, parallel/black market (retail cash) dealers quoted rates between ₦1,495 and ₦1,515, with a street average close to ₦1,500 / $1; many price boards showed a selling rate of ₦1,500 and a buy rate around ₦1,485.

Official FX windows, such as the NFEM/Investors & Exporters window reported by banks and market platforms, recorded a modest intraday softening of the dollar from earlier in the week, successfully keeping the official fixing around the mid-₦1,400s.

Meanwhile, parallel market dealers, facing tight retail dollar supply and continued cash demand, quoted substantially higher rates for immediate cash transactions, leaving a persistent spread between official and street prices.

Market commentary and reporting point to a recurrent two-speed FX market: Electronic interbank liquidity and official windows absorb some flows (trade, some inflows), keeping the official rate relatively anchored, while limited access to physical dollars for retail customers, plus demand from importers and travelers, keeps parallel quotes elevated.

Analysts and business reports suggest this divergence reflects episodic dollar scarcity at the retail level even when interbank activity appears calmer.

For businesses and importers, companies that rely on cash dollar purchases may still face higher outlays if they use parallel market sources.

Consumers and travellers purchasing cash and making informal remittances will find their transactions priced closer to the parallel market (₦1,495–₦1,500), not the official fixing.

Meanwhile, Policy watchers will keep their attention on CBN liquidity measures and potential steps to narrow the persistent gap between the two markets.