LAGOS, Nigeria (FN) — The naira traded mixed on Monday, holding steady in official markets while weakening on the parallel market amid persistent dollar shortages and strong demand from importers and retail dealers.
The Central Bank of Nigeria’s official Nigerian Foreign Exchange Market (NFEM) rate closed at 1,467.43 Naira per U.S. dollar. Interbank spot quotes ranged between 1,468 Naira and 1,475 Naira. In contrast, parallel market dealers were buying dollars at 1,480 Naira and selling as high as 1,500 Naira.
Analysts say the gap between official and street rates reflects structural dollar supply constraints despite recent policy moves, including a September interest rate cut and ongoing FX market interventions. Demand from businesses and individuals remains elevated.
For consumers, the disparity means higher prices for imported goods and services. Businesses reliant on foreign exchange face increased procurement costs when sourcing dollars outside official channels. Households receiving remittances may benefit from better rates on the parallel market, though official channels remain preferable for larger, traceable transfers.
