The naira recorded a stronger performance at the official foreign exchange market this week, even as the gap between the official and parallel market rates continued to widen amid sustained demand for dollars.
According to verified reports, the naira is currently trading at about ₦1,329.44 to the US dollar at the Nigerian Foreign Exchange Market, also known as the official window.
The appreciation at the official market reflects ongoing efforts by the Central Bank of Nigeria to improve liquidity and stabilize the currency through increased dollar supply and tighter monitoring of transactions.
However, the story is different in the parallel market, where demand for foreign exchange remains high among individuals and small businesses unable to access dollars through official channels.
In the black market, the US dollar is being quoted at ₦1,390 for selling, while the buying rate stands at ₦1,380. This represents a slight uptick compared to rates recorded last week.
The ₦1,390 selling rate in the parallel market is about ₦60.56 higher than the official rate of ₦1,329.44. This translates to a premium of roughly 4.6 per cent between both markets.
Currency traders in Lagos and Abuja said the disparity persists because many importers and individuals still prefer the black market for faster access to dollars, despite government assurances of improved supply at the official window.
Financial analysts say the wide gap indicates continued pressure on the naira and points to structural challenges in Nigeria’s forex market, including limited dollar inflows and heavy reliance on imports.
They argue that until the CBN is able to bridge supply shortages and boost non-oil exports, the parallel market will continue to set a higher benchmark for exchange rates, affecting the cost of goods and services nationwide.
The CBN has reiterated its commitment to unifying exchange rates and ensuring transparency in forex dealings. Officials say ongoing reforms, including the e-FX matching system, are designed to reduce speculation and encourage more transactions through the official market.
Business owners say the rate divergence is already feeding into prices of imported goods. Traders at Alaba International and Computer Village told our correspondent that they now source most of their dollars from the parallel market, which forces them to increase prices to stay afloat amid rising operational costs.
Economists are also warning that the persistent premium could undermine investor confidence. They noted that multinational companies struggle to repatriate profits at the official rate, while local manufacturers face higher input costs, a situation that could slow down growth if not urgently addressed.
Meanwhile, the CBN Governor has assured that the apex bank will continue to intervene strategically to stabilize the naira. Speaking at a recent economic forum, he said the bank is working with banks and BDC operators to improve dollar supply and ensure that the gains recorded at the official market reflect across all segments of the economy.
