The Naira continued to trade within the mid-₦1,400s on official Foreign Exchange platforms, while the parallel (black market) rate remained markedly higher, reflecting a persistent premium for the United States dollar.

The official Daily Nigerian Foreign Exchange Market, which is the Central Bank of Nigeria’s volume-weighted benchmark for the day, was roughly ₦1,460–₦1,475 per $1.

This rate remained relatively stable in the mid-₦1,400s band amid steady demand in banks and the wholesale FX window. Market trackers observed only small intraday movements, confirming no major break from the currency’s trading range for the week.

Meanwhile, parallel market dealers across commercial hubs, including Lagos, continued to trade the dollar at a sizeable premium to the official rate.

Retail sell quotes from dealers were clustering around ₦1,505 per $1, while the buying rate was approximately ₦1,485 per $1.

This spread—roughly ₦20–₦45 (or more) between the official and parallel midpoints—reflects the persistent tightness in dollars available to retail customers and the ongoing two-tier dynamics that characterize Nigeria’s FX ecosystem.

Analysts and dealers point to several key drivers responsible for keeping the parallel market rates notably above the official windows.

These factors include elevated dollar demand from importers and corporates, many of whom still prefer to transact off-market when access to official FX is slow or cumbersome. Furthermore, market sentiment and liquidity swings continue to influence short-term rates.

While headline inflation has recently eased, reducing some immediate pressure, liquidity gaps and policy moves still dictate the pace of trading in the informal market.

The persistent gap between the two windows results in differing outcomes for various users. Importers and businesses paying for dollar-priced goods continue to face higher local costs when they are forced to use parallel channels to meet their needs.

Conversely, remittance recipients and savers may see different conversion outcomes depending on which window they utilize; official transfer services and bank channels will typically reflect the lower NFEM/CBN band, while cash exchanges at retail bureaus follow the higher parallel quotes.