The Naira traded between ₦1,495 and ₦1,515 per dollar at the parallel (black) market on Friday, October 24, while holding steady at the official Nigerian Foreign Exchange Market (NFEM) fixing.
At the NFEM, which operates as the Investors and Exporters (I&E) window, the dollar was quoted around ₦1,460/$1 — a modest dip from earlier in the week, suggesting some stability in the official channel.
However, rates remained notably higher in the parallel market, where retail cash transactions dominate. Dealers in Lagos and other commercial hubs quoted the greenback between ₦1,495 and ₦1,515, with several transactions reportedly taking place at the upper limit. This places the street average near ₦1,500/$1.
While importers and corporates accessing dollars through official windows benefit from the NFEM rate of about ₦1,460, individuals relying on cash exchanges face the higher black-market rates — raising costs for travel, remittances, and dollar-priced goods.
The persistent gap between the NFEM and parallel market rates reflects ongoing challenges in liquidity, access to official dollar supply, and market confidence. Analysts attribute the stability in the official rate to continued interventions by the Central Bank of Nigeria (CBN) and recent monetary policy adjustments aimed at improving FX inflows.
They also warn that sustained high demand for cash dollars could keep the parallel premium elevated unless official supply through the FMDQ/NFEM improves.
Market watchers will be monitoring weekly FX turnover, potential new CBN interventions, and global dollar trends for further direction on the naira’s movement in the coming week.