Nigerian Naira Strengthens Officially but Weakens in Black Market

The Nigerian Naira has shown mixed performance, gaining at the official foreign exchange window but weakening at the black market. Despite recent gains in the official market, the parallel market rates remain higher, indicating a significant gap.

The Central Bank of Nigeria's policy measures have helped stabilize the official market, but structural challenges persist, limiting access to official foreign exchange for private sector players. High retail demand continues to drive activity in the black market, maintaining the spread between official and street rates.