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The gap between Nigeria’s official and parallel foreign exchange markets widened last week, raising concerns about demand pressure on the nairaNigeria’s external reserves climbed to $51.743 billion, supported by crude oil earnings and stronger foreign portfolio investment inflowsThe CBN is targeting $1 billion per month in official diaspora remittances by the end of 2026
Pascal Oparada is a journalist with Legit.ng, covering technology, energy, stocks, investment, and the economy for over a decade.
Nigeria’s official and parallel foreign exchange markets drifted further apart last week, as the naira held steady through official channels while slipping against the dollar in the informal market.
Data from the Central Bank of Nigeria (CBN) showed the naira closed the week at N1,380.18 to the dollar in the official market, broadly unchanged from the previous week.
The naira’s gain creates a massive gap in the FX markets. Credit: Picture Alliance/ContributorSource: Getty Images
In the parallel market, however, the currency
