Naira-Dollar Rate Gap Hits ₦84

The naira has remained relatively stable against the United States (US) dollar, with an ₦84 gap between official and parallel rates.

At the Nigerian Foreign Exchange Market (NFEM) on Wednesday, the dollar traded between ₦1,324 and ₦1,330.

Trading opened mid-week with the official and parallel markets showing different dollar rates. The official rate reflected relatively steady liquidity under the Central Bank of Nigeria (CBN).

The performance followed small gains recorded earlier in the week. It also showed continued efforts to reduce volatility in official foreign exchange transactions.

Meanwhile, the dollar traded higher in the parallel market. Bureau De Change (BDC) operators sold the dollar for about ₦1,385 and bought it at around ₦1,375. The gap between the official and parallel rates stood at about ₦84.

The parallel market remains widely used by retail traders, international travellers and small-scale importers. The rate difference continues to highlight the gap between Nigeria’s official and informal foreign exchange markets.

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