The naira weakened further on Wednesday as the gap between the official and parallel market rates widened.
According to Vanguard, data from the Nigerian Foreign Exchange Market and the Central Bank of Nigeria l showed the volume-weighted average rate hovering around ₦1,465 per US dollar, while black-market trackers pegged the parallel rate between ₦1,490 and ₦1,495 per dollar.
According to analysts and market reports, the widening spread reflects sustained dollar demand from importers and corporate entities, limited near-term intervention from the CBN, and liquidity shifts following recent market operations.
Market observers also noted that the naira has depreciated in the last two sessions as eligible FX users increased their dollar requests.
The broader context, both global and domestic, remains key. The CBN’s decision to cut its policy rate in late September, following signs of easing inflation, is seen by market participants as influencing foreign exchange inflows and interest-rate differentials that shape dollar demand.
For consumers and businesses, this trend suggests that travellers and importers should brace for higher cash and parallel-market rates when sourcing forex outside official banking channels.
