Naira holds near ₦1,332 official as black market gap persists
- The naira traded around ₦1,332 to the dollar at the official market on Tuesday and Wednesday.
- Bureau de change operators quoted about ₦1,365 to ₦1,380 per dollar on the parallel market.
- The gap of roughly ₦48 to ₦50 means travellers and importers pay more for dollars outside official channels.
The naira held fairly steady against the US dollar this week, trading at about ₦1,332 at the official Nigerian Foreign Exchange Market (NFEM) on Tuesday and Wednesday, according to reports from Vanguard and PM News.
On the streets, the picture is different. Bureau de Change (BDC) operators in Lagos and Abuja quoted buying rates of about ₦1,365 per dollar and selling rates near ₦1,380, the two outlets reported.
That leaves a gap of roughly ₦48 to ₦50 between the official window and the parallel market, often called the black market.
For an ordinary Nigerian, the difference is real money. At the official rate, $100 is worth about ₦133,200. Through a BDC, the same $100 costs around ₦138,000.
Why the gap matters
Nigerians who need dollars for international travel, school fees abroad or imports often cannot access the official window and turn to BDCs instead. They end up paying the higher street rate.
PM News noted that rates can differ from one dealer to another and may change during the day, so buyers are advised to confirm the price with their bank or a licensed BDC before trading.
The sources gave slightly different figures for Tuesday. PM News put the official rate at about ₦1,332, while Daily Post, quoting Central Bank of Nigeria (CBN) data, said the naira closed at ₦1,333.65, a marginal gain of ₦0.07 from Monday's ₦1,333.72. Daily Post also put the parallel market rate at ₦1,375, against the ₦1,365 to ₦1,380 range quoted by the other two outlets.
Daily Post reported that Nigeria's external reserves rose to $55.12 billion, according to CBN data released on Monday.
Vanguard said analysts link exchange rate liquidity to international crude oil receipts and monetary policy measures aimed at attracting foreign capital.
What happens next
How the naira moves in the coming days will depend largely on oil earnings and the CBN's efforts to keep dollars flowing into the official market. For now, anyone planning to buy or sell dollars should check the rate on the day, since it can shift between morning and afternoon.
