-
Official rate holds steady at about ₦1,490 per USD, black market at ₦1,530.
-
Parallel market buys at ₦1,520; demand pressures widen gap with official rate.
-
Stability hinges on foreign exchange supply, CBN interventions critical.
The Nigerian currency, the naira, continues to face pressure—both in official and parallel markets—as the United States dollar trades between ₦1,490 and ₦1,530. Currency watchers say the current rates reflect a delicate balance between demand for foreign exchange and regulatory efforts to stabilise the naira.
EDITOR’S PICKS
- Trump Files $15bn Lawsuit Against New York Times
- Airline Operators Commend FG for Suspending 4% Import Levy
- Lagos: UBA branch, Offices Hit as Fire Guts Building in Marina
EKO HOT BLOG reports that the Central Bank of Nigeria (CBN) lists the official USD/NGN rate at approximately ₦1,490 per dollar. In contrast, black market (parallel or “aboki” market) rates are reportedly higher, with dealers buying at ₦1,520 and selling at ₦1,530 per dollar.
Current USD/NGN Exchange Rates
| Market Type | Buy Rate (₦ per USD) | Sell Rate / Official Rate (₦ per USD) |
|---|---|---|
| Official/CBN | “₦1,490” | “₦1,490” |
| Black Market / Parallel | “₦1,520” | “₦1,530” |
Sources show that the naira, while mildly weakening in the parallel market, remains relatively stable officially. Economic analysts suggest that the gap between official and market rates is being driven by scarcity of supply in the parallel market and demand from importers and individuals needing dollars.
Efforts by the CBN to hike liquidity in foreign exchange, combined with interventions, are reportedly helping to prevent more severe depreciation. Still, market participants warn that unless supply improves significantly, the parallel market rate may continue to diverge further from the official rate.
FURTHER READING
- Arrival: Trump Begins Second UK State Visit
- Sowore Sues DSS, Meta, X Over Alleged Social Media Censorship
- Utah Student Charged With Murder of Charlie Kirk, Faces Death Penalty
