Naira Slides to ₦1,415 per Dollar in Parallel Market as Official Rate Weakens

Naira Slides to ₦1,415 per Dollar in Parallel Market as Official Rate Weakens

The Nigerian Naira continued its downward trend yesterday, trading at ₦1,415 per US dollar in the parallel (black) market, up from ₦1,405 per dollar last Friday. This latest depreciation underscores ongoing pressure on the currency amid high demand for foreign exchange and limited supply.

Data from the Central Bank of Nigeria (CBN) showed that the naira also weakened in the Nigerian Foreign Exchange Market (NFEM), trading at ₦1,386.75 per dollar, a drop from ₦1,384.25 recorded last week. This reflects a modest ₦2.50 decline at the official window.

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The gap between the parallel and official rates widened further to ₦28.25 per dollar, compared with ₦20.75 over the weekend, highlighting persistent market distortions between formal and informal forex channels.

Analysts say the naira’s slide is largely driven by rising dollar demand from importers, investors, and corporate traders, while supply remains constrained despite CBN interventions aimed at stabilising the currency. Recent policy adjustments, including allowing oil exporters more flexibility to repatriate proceeds, have yet to significantly ease pressure on the naira.

The depreciation in both the parallel and official markets has direct implications for import costs, inflation, and the purchasing power of Nigerian households and businesses. Market watchers are closely monitoring the CBN’s next moves, with expectations that further policy actions may be needed to curb the naira’s decline.

Naira Slides to ₦1,415 per Dollar in Parallel Market as Official Rate Weakens