The naira traded mixed on Tuesday, with exchange rates showing slight variations across different 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.
However, in the parallel (black) market in Lagos, the dollar was bought at about ₦1,480 and sold for around ₦1,495, maintaining a noticeable gap from the official rate.
This continued spread between the official and parallel markets highlights the dual nature of Nigeria’s FX system, where official rates are more stable but access to dollars is limited, pushing many individuals and businesses toward the informal market.
Analysts say the difference in rates is largely due to tight dollar supply, high demand from importers and travellers, and speculation over possible future depreciation.
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Although the naira has shown slight improvement recently — with official rates hovering between ₦1,460 and ₦1,475 in mid-October — the black market still trades at a premium.
For most Nigerians, especially importers, travellers, and small businesses, this means the actual cost of accessing foreign exchange remains high despite the official rate appearing more stable.
Experts advise keeping an eye on both the official NFEM rate and parallel market prices, as both continue to influence real-world exchange transactions and business costs.
