The Nigerian naira traded mixed on Tuesday, with the official rate from the Central Bank of Nigeria (CBN) and the daily Nigerian foreign-exchange market (NFEM) hovering near ₦1,470 per US$1. Meanwhile, in Lagos’ parallel (black) market the US dollar was being bought at around ₦1,480 and sold at about ₦1,495.
On the official window, the mid-market USD/NGN stood close to ₦1,468–₦1,470 according to recent data. Meanwhile the street rate remains elevated, reflecting persistent demand and tighter USD supply in informal channels. The spread between official and parallel rates continues to underscore the two-tier nature of Nigeria’s FX market.
Analysts attribute the gap to limited dollar liquidity for retail and import markets, strong demand from travellers and importers, and market participants pricing in possible future volatility. While the naira has seen slight strength recently (official quotes near ₦1,460-₦1,475 in mid-October) the parallel market remains at a premium.
For individuals and businesses, this means that while the official rate gives a benchmark, actual costs for importers, travellers or those buying dollars in the streets may face higher conversion costs. Monitoring both official NFEM figures and parallel market quotes remains important.
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