The naira traded weaker against the United States dollar in the parallel market on Thursday, exchanging at ₦1,530/$1 for those buying and ₦1,520/$1 for those selling. This is according to updates from forex trackers, including NairaToday and AbokiFX.
At the official window, the Central Bank of Nigeria (CBN) maintained the rate at about ₦1,490/$1, a figure that continues to lag behind what is obtainable on the streets.
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The pound sterling also traded higher in the parallel market, going for about ₦1,950/£1, while the euro exchanged at ₦1,650/€1.
Analysts say the wide gap between official and black market rates is fuelled by persistent forex shortages, rising demand from importers and travellers, and speculative activity by currency traders.
Traders in Lagos and Abuja told reporters that rates can shift several times in one day, with buyers urged to confirm from reliable platforms like AbokiFX, NairaToday and NgnRates before transactions.
The pressure on the naira has direct effects on households and businesses. Importers face higher costs, students and travellers abroad pay more for fees and upkeep, while local inflation worsens as the value of the currency continues to slide.
For ordinary Nigerians, the impact of this unstable exchange environment is hard to miss. Importers face higher landing costs, manufacturers struggle with increased input prices, and inflation bites deeper into household spending.
For those schooling or travelling abroad, the reality is even tougher, as more naira is now required to meet dollar, pound or euro obligations.
In the end, whether you’re a business owner, a traveller or simply monitoring the economy, the dollar to naira exchange rate has become more than just a figure. It is a daily reflection of the economic pressures facing Nigeria, and a reminder of how global currencies shape everyday life.
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