Nigeria’s naira gained some strength on the official foreign exchange window on Monday, while the parallel market rate stayed around ₦1,500 to the dollar — keeping a noticeable gap between both markets.
According to data from the Nigerian Foreign Exchange Market (NFEM), which serves as the Central Bank’s daily benchmark, the naira opened trading at about ₦1,462.50 per dollar on October 13. This NFEM rate is widely used by analysts and companies for official transactions and pricing.
In the parallel market — often tracked by platforms like AbokiFX and NairaToday — traders in Lagos, Abuja, and other cities sold the dollar for about ₦1,500. The rate has been largely stable in recent days but remains higher than the official window, reflecting ongoing liquidity shortages and strong demand for cash dollars.
Experts say the gap between both markets is driven by factors such as low dollar supply in formal channels, high retail demand, and the lag between monetary policy changes and their impact on liquidity.
Although the Central Bank recently cut its benchmark interest rate by 50 basis points to boost confidence, the move hasn’t yet closed the difference between the official and parallel markets.
Read Also;
Dollar to Naira exchange rate today, October 10, 2025
What this means for Nigerians
Businesses and importers: Those who access dollars through the official window may enjoy slightly lower costs for imports and inputs.
Small traders and travelers: People relying on cash dollar transactions still face the higher parallel market rate, affecting travel expenses and remittance value.
Analysts believe the exchange rate gap will remain until there’s a significant increase in dollar inflows, stronger foreign investment, or more direct intervention by the Central Bank to stabilize liquidity.
