…Black market rate weakens to N1,425/$
Nigeria’s currency, the naira, is coming under renewed pressure in the parallel foreign exchange (FX) market as seasonal demand for dollars for summer travel, overseas school fees and business trips gathers momentum, widening the gap with the official exchange rate.
Data collated from currency dealers showed the naira, which strengthened to about N1,370/$ in February 2026, depreciated to N1,425/$ on Thursday, representing a loss of N55 or 3.86 percent. Consequently, the spread between the official and parallel market exchange rates has widened to about N46, from near-zero levels recorded four months ago.
The naira, however, remained largely stable in the official market. Data from the Nigerian Foreign Exchange Market (NFEM) showed the local currency closed at N1,378.43/$ on Thursday, a marginal 64 kobo appreciation from N1,379.07/$ on Wednesday. The highest bid rate during the trading session was N1,380/$.
Despite the pressure in the parallel
This post was originally published on this site.
