The Naira continues to face pressure, with the US dollar surging to ₦1,515 on the black market even as the official exchange rate remains comparatively stable at ₦1,460.
At the official Nigerian Foreign Exchange Market (NFEM), also known as the Investors & Exporters window, the greenback traded around ₦1,460/$1, showing only a modest dip from earlier levels this week. This indicates some relative calm in the official channel.
However, on the parallel market, cash dollars are exchanging at alarming rates. Dealers in Lagos and other commercial hubs reported dollar transactions reaching ₦1,515/$1, pushing the street average to roughly ₦1,500/$1. For everyday Nigerians, this means remittances, travel, and imported goods are suddenly more expensive, hitting wallets hard.
Experts warn that the persistent gap between the official and black market rates reflects limited access to official dollars, soaring cash demand, and growing market anxiety. While the Central Bank of Nigeria (CBN) continues to intervene in official windows, helping stabilize the NFEM rate, street demand for dollars keeps the black market rates dangerously high.
Analysts say all eyes are now on weekly FX turnover and CBN interventions, noting that unless dollar supply increases, the parallel market premium could remain extreme, further burdening consumers.
With the dollar trading over ₦1,500 on the streets, Nigerians are facing a harsh reality: the naira’s official strength may not shield them from the escalating cost of living and dollar-priced essentials.
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