Nigeria’s naira traded stronger on the official daily foreign-exchange window today while the parallel market remained around ₦1,500 to the dollar, keeping a meaningful premium over the Central Bank-derived NFEM rate.
The Nigerian Foreign Exchange Market (NFEM) — the volume-weighted average price the Central Bank uses as the day’s official market benchmark — opened at about ₦1,462.50 per US dollar on October 13, according to market data tracking services. That figure is the reference many analysts and corporates use for cross-border pricing and reporting.
On the parallel (informal) market, commonly tracked by platforms such as NairaToday and AbokiFX, dealers quoted around ₦1,500/$1 for cash sales in Lagos, Abuja and other major cities — a level broadly unchanged from recent days but still above the NFEM window, reflecting liquidity frictions and retail demand pressures. The parallel market rate is widely used for small cash transactions and remittances that do not flow through official FX windows.
Market commentators point to a mix of factors keeping the spread intact: lower dollar turnover in some segments of the market, continued demand for cash dollars, and the lag between official policy actions and on-the-ground liquidity. The Central Bank’s recent easing of monetary policy — a 50 basis-point cut to the policy rate in late September — has improved market sentiment but has not eliminated distortions between official and parallel rates.
What this means for businesses and consumers
Importers and corporates who access the NFEM or the FMDQ window may see slightly cheaper dollar funding at the official rate, improving margins on externally priced inputs.
Retail consumers and small traders who rely on cash dollars still face the higher parallel price (≈₦1,500), affecting remittance recipients and travel budgets.
Remittances & travel: those converting small amounts in cash are likely to get the parallel rate; larger, formal transfers routed through banks may reflect the NFEM figure.
Analysts say the gap between official/window rates and the parallel market is likely to persist until FX liquidity in the formal channels improves materially — either through increased FX inflows, a sustained pickup in supply via offshore investors, or targeted central bank operations to mop up or inject dollar liquidity.
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