Traders in the official Nigerian Foreign Exchange Market (NFEM) recorded the naira at roughly ₦1,450 to the US dollar, according to volume-weighted rates compiled from formal market transactions. Meanwhile, the Lagos parallel, or “black” market, quoted the dollar between about ₦1,460 (buy) and ₦1,474 (sell), signaling continued pressure from retail FX demand and informal remittance flows.
Market analysts attribute the widening spread between official and parallel rates to constrained foreign currency inflows and robust demand for imports and personal transfers. Measures by the Central Bank of Nigeria (CBN), including its September 2025 policy rate cut and targeted market interventions, have helped temper extreme volatility but have not fully narrowed the gap between formal and informal exchange windows.
For businesses and consumers, the implications are tangible. Importers reliant on the parallel market face higher landed costs, which could translate into steeper prices for goods and services. Individuals converting foreign currency outside the formal system may receive fewer naira per dollar, effectively increasing the cost of remittances or travel abroad.
Despite stability in the official market, the persistent premium in parallel channels underscores the delicate balance between supply constraints and dollar demand, a dynamic that continues to influence daily life and commerce in Nigeria.