The Nigerian naira gained ground in the parallel foreign exchange market on Wednesday, trading at ₦1,530 per U.S. dollar, according to traders in Lagos and Abuja. This marks a modest strengthening compared to last week’s rate of around ₦1,550, though it remains far weaker than the official Investors’ and Exporters’ (I&E) window rate, which closed at approximately ₦1,490/$.
Currency traders attribute the shift to fluctuations in dollar supply and demand pressures. Many importers and small businesses continue to rely on the parallel market due to persistent challenges accessing forex through official channels.
Analysts note that while the naira’s rise suggests a brief relief, the gap between the official and parallel markets reflects lingering concerns over Nigeria’s foreign reserves, oil revenue inflows, and inflationary trends. The Central Bank of Nigeria has maintained efforts to stabilise the currency by tightening liquidity, but structural challenges in the forex system remain.
Economists warn that unless dollar inflows from oil, exports, and foreign investment improve significantly, the naira’s resilience in the parallel market could be short-lived. For now, businesses and households continue to watch the currency closely, knowing its movements ripple through prices, trade, and everyday costs.