Naira slides to ₦1,451/$1 official rate as black market hits ₦1,475

Naira slides to ₦1,451/$1 official rate as black market hits ₦1,475

Nigeria’s currency closed the day weaker across major trading windows, with the naira exchanging at roughly ₦1,451 per US dollar in the official Nigerian Foreign Exchange Market (NFEM) on Wednesday, while the parallel market quoted the dollar around ₦1,475.

According to the Central Bank of Nigeria’s published data, the ₦1,451/US$1 NFEM figure represents the volume-weighted average rate that serves as the country’s official benchmark for authorised transactions. In contrast, the informal or black-market rate hovered at about ₦1,475, leaving a spread of roughly ₦24–₦26 between both markets.

Why the FX gap matters

The persistent gap reflects Nigeria’s two-tier foreign exchange system, where an official NFEM/NAFEX window coexists with a vibrant informal market used by individuals, SMEs and some import-dependent businesses.

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A widening premium between the two rates often translates into higher import costs, increased pricing pressures and potential stress on business margins. A narrowing gap, however, typically eases inflation and improves market confidence.

Market context and trend

Market dashboards monitored on Wednesday showed modest movement across trading venues, with NFEM fixings remaining in the mid-₦1,400s this week. Parallel market quotes largely stayed in the high-₦1,400s, signalling continued—though contained—volatility.

Cross-checks of major financial data vendors indicate that parallel market rates have traded between ₦1,450 and ₦1,468 on surrounding days, underscoring a relatively stable but still elevated demand for the US dollar in the informal market.

Naira slides to ₦1,451/$1 official rate as black market hits ₦1,475