According to the latest data from the Nigerian Foreign Exchange Market (NFEM), the official volume-weighted average rate hovered around ₦1,446 per US dollar. In contrast, dealers in major trading hubs such as Lagos quoted dollars between ₦1,460 and ₦1,465, reflecting continued firmer demand on the street than in formal channels.
The persistent spread between the official and parallel rates underscores ongoing liquidity constraints and limited access to dollars in the formal market. For businesses and individuals, the gap adds to the cost of imports, dollar-priced services, and foreign travel. Many companies are forced to source dollars from the parallel market, where rates are several dozen naira higher than the official fixing, potentially pushing up prices for imported goods.
Historical price feeds and market dashboards show that the official USD/NGN fixing has traded consistently in the mid-to-high ₦1,400s in recent days, with the black-market rate generally above ₦1,460. Thursday’s trading saw minor intraday fluctuations but no sharp moves in the official fixing.
Market observers note that the two-tier structure continues to reflect a mismatch between supply and demand outside formal channels, highlighting the challenges for the Central Bank of Nigeria (CBN) in managing liquidity while maintaining stability in both official and informal markets.