Naira Under Pressure As Dollar Hits ₦1,410 In Parallel Market

The Nigerian naira continued to trade against the United States dollar at the official foreign exchange market, with the local currency recording a slight movement in its latest exchange rate.

According to Bush Radio Academy, data from the Central Bank of Nigeria (CBN) showed that the naira traded at ₦1,328.2154 to the dollar on Thursday, compared with ₦1,329.2129 recorded a day earlier. The latest figure represents a marginal improvement in the value of the naira against the US currency.

At the parallel market, commonly referred to as the black market, the dollar was reportedly exchanged at about ₦1,390 on Tuesday. However, rates offered by commercial banks, Bureau de Change (BDC) operators and other foreign exchange dealers may vary depending on transaction margins, market demand and the availability of dollars.

The difference between official and parallel-market rates continues to reflect the varying conditions across Nigeria’s foreign exchange market, where demand for the US dollar and the level of available foreign currency remain key factors influencing prices.

Market participants are expected to continue monitoring foreign exchange inflows, dollar demand and policy decisions by the CBN for indications of how the naira could perform in the coming days and whether recent gains can be sustained.