By Peter.
The Nigerian Naira faced ongoing pressure in the parallel (black) market on Sunday, with rates reflecting sustained dollar demand amid limited official inflows.
Key Rates
- Buying Rate (Dealers buy from public): ₦1,450 – ₦1,460 per $1
- Selling Rate (Dealers sell to public): ₦1,470 – ₦1,480 per $1
These figures vary slightly by location (e.g., higher in Lagos/Abuja hubs) and transaction volume. The premium persists due to retail FX shortages, despite CBN unification efforts.
Official Context (NFEM)
For reference, the previous trading day’s Investors’ & Exporters’ (I&E) Window closed at ~₦1,452.68/$1 (Nov. 23 UTC). The ~₦20–30 gap highlights informal market reliance for imports/remittances.
Market Drivers & Outlook
Strain stems from dollar scarcity, even with reforms. Traders eye CBN’s liquidity boosts and rate tweaks. Analysts warn: Without steady oil revenues/FDI, parallel rates will gauge Naira’s real value. Holiday demand could widen the spread—monitor for volatility.
#NairaUpdate #ParallelMarket #CBNReforms
