Nigeria’s currency traded mixed on Tuesday, with the naira hovering around ₦1,470 per US dollar at the official market while the parallel market in Lagos saw the greenback selling for as high as ₦1,495.
Data from the Central Bank of Nigeria (CBN) and the Nigerian Foreign Exchange Market (NFEM) showed that the mid-market rate remained between ₦1,468 and ₦1,470, reflecting relative stability in the official window despite tight dollar supply.
However, street traders across major cities maintained higher rates as strong demand from importers, travellers, and retail buyers continued to widen the gap between official and black-market prices.
Analysts attribute the persistent spread to limited liquidity in the official market and expectations of future volatility in the naira-dollar exchange rate.
While the currency has recorded slight improvements in recent weeks appreciating marginally from mid-October’s ₦1,475 benchmark businesses and individuals say the parallel market remains the true indicator of market pressure.
For now, the widening gap between the two rates continues to highlight the challenges of ensuring FX stability in Africa’s largest economy.
