Naira Under Pressure: Black Market Rates Outpace CBN’s Official Figures
Nigeria’s foreign exchange market continues to experience volatility, with the naira trading significantly weaker in the parallel (black) market compared to the official window.
As of today, the USD/NGN exchange rate in the black market stands at:
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₦1,605 per dollar (buy)
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₦1,615 per dollar (sell)
In contrast, the Central Bank of Nigeria (CBN) maintains an official rate of ₦1,539.72 per dollar, highlighting a growing disparity that reflects persistent demand pressures and limited forex supply in the formal market.
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Importers and travelers are increasingly turning to the black market for faster access to dollars.
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The widening gap between official and parallel rates may continue to put pressure on inflation and investor confidence.
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Market analysts suggest that until forex liquidity improves and structural reforms are fully implemented, the naira will remain vulnerable to fluctuations.
As businesses and consumers alike monitor these trends, stakeholders are urging the government to enhance forex transparency and stabilize the currency through sustainable policy action.
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