The Nigerian naira traded with mixed performance on Tuesday, as the exchange rate remained relatively stable across both the official and parallel markets.
At the official window, data from the Central Bank of Nigeria (CBN) and the Nigerian Foreign Exchange Market (NFEM) showed the naira trading around ₦1,468 to ₦1,470 per US dollar.
In the parallel (black) market, however, the dollar was bought at about ₦1,480 and sold for around ₦1,495, reflecting continued pressure in informal exchange channels.
The persistent gap between the official and parallel market rates highlights the two-tier nature of Nigeria’s foreign exchange system. Analysts link this disparity to limited dollar liquidity, strong demand from importers and travellers, and market expectations of future volatility.
Although the naira showed slight appreciation earlier in mid-October—trading between ₦1,460 and ₦1,475 at the official window—the parallel market has continued to maintain a premium.
For individuals and businesses, this means that while the official rate offers a benchmark, actual conversion costs—especially for importers and those sourcing foreign exchange on the street—remain higher. Monitoring both the official NFEM figures and parallel market trends remains crucial for accurate financial planning and transactions.
