Dollar trades for ₦1,485 on black market
The dollar was trading around ₦1,485 on the black (parallel) market this week as Nigeria’s currency continued to face pressure amid tight dollar supply and strong demand from importers and corporate buyers. Street dealers in Lagos quoted rates in the mid-₦1,400s to ₦1,500 per dollar, even as the official Nigerian Foreign Exchange Market (NFEM) remained somewhat firmer in the mid-₦1,400s.
Market watchers say the gap between the official rate and the parallel market persists because available dollar liquidity remains constrained while demand has risen for imports, foreign services and corporate settlements. The Central Bank of Nigeria has stepped into the market at intervals, but traders report that these interventions have not fully closed the premium that parallel dealers charge.
The parallel market level around ₦1,485 is affecting everyday businesses and consumers. Importers face higher costs when they cannot access official dollars, while small businesses and travellers who rely on cash dollars turn to the street at a premium. The divergence between official and black market rates also complicates price forecasts and can feed inflationary pressures in the coming weeks.
Analysts say the naira’s path will depend on the pace of foreign exchange inflows from oil receipts, remittances and portfolio flows, as well as on consistent supply from the central bank and authorised dealers. Any meaningful increase in FX supply or a clear signal of tighter demand could narrow the parallel market premium, but for now the street rate remains a key barometer of acute dollar stress for many Nigerians.
