Naira Steadies Near ₦1,460 at Official Market as Street Rate Holds Around ₦1,500 per Dollar

The naira remained stable over the weekend, trading close to mid-October levels across major exchange segments. At the official market, the currency hovered around ₦1,460 to the US dollar, while parallel market rates stayed weaker, averaging between ₦1,495 and ₦1,500 per dollar.

At the Investors and Exporters (I&E) window, officially known as the Nigerian Foreign Exchange Market (NFEM), the naira closed at ₦1,460.49 per dollar. The Central Bank’s indicative rate was about ₦1,458, maintaining a narrow range through the week. In contrast, street dealers sold dollars between ₦1,495 and ₦1,515, with most displaying a ₦1,500 selling rate and ₦1,485 buying rate.

In Saturday’s trading, the official FX window showed slight adjustments, keeping the naira around the mid-₦1,400s. Dealers at the parallel market, still grappling with tight dollar supply and steady retail demand, continued to quote higher prices for physical cash. This left a visible gap between the regulated and street exchange rates.

Analysts note that Nigeria’s foreign exchange market continues to operate in two distinct layers. The official interbank system absorbs inflows from trade and investment, helping to stabilise rates. Meanwhile, limited access to physical dollars for importers, small businesses, and travellers pushes parallel market quotes higher. Experts say the divergence mainly reflects retail-level dollar scarcity even when interbank liquidity improves.

For Nigerian businesses, the split means importers who depend on cash transactions may still pay more to source foreign currency outside official channels. Travellers and individuals seeking quick dollar access are likely to get rates closer to the street average of ₦1,495–₦1,500.

Policy analysts believe the ongoing gap will keep the spotlight on the Central Bank’s liquidity strategies and its efforts to unify the exchange market.