By Our Reporter
The Nigerian naira exchanged at about ₦1,490 to the US dollar in the parallel market on Friday, while the official rate hovered around ₦1,444 per dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEM).
Dealers quoted the dollar at ₦1,490 (sell) and ₦1,479 (buy) in Lagos and other trading hubs, reflecting a spread of about ₦45–₦50 between the official and black-market rates.
The wide margin underscores continued liquidity challenges and a higher risk premium in the informal foreign exchange space.
Analysts say the exchange rate gap indicates persistent FX market segmentation, as demand from importers, travellers, and remittance beneficiaries remains strong amid limited dollar supply.
The naira, which had weakened to around ₦1,560 per dollar in August 2025, appears relatively stable within the ₦1,480–₦1,490 range in recent weeks, though market watchers warn that volatility could return if dollar inflows decline.
According to traders, the naira’s outlook depends largely on oil revenue receipts, remittance inflows, and Central Bank interventions. Any tightening of dollar supply could further push up parallel market rates.
As of Friday, buyers in Lagos paid around ₦1,490 per dollar, while sellers received about ₦1,479 — though rates vary slightly by location and transaction size.