Nigerian Naira's Exchange Rate: Official Rate Stable, Parallel Market Depreciates Amid Dollar Shortage

The Nigerian Naira's exchange rate shows a mix of performance as the official rate remains stable while the parallel market continues to depreciate amid tight dollar supply and sustained import demand. The Central Bank of Nigeria (CBN) reports the official exchange rate at around 1,467-1,475 Naira per US dollar, while the parallel market sees rates of buying at 1,480 and selling at 1,500 Naira per US dollar.

The widening gap between the official and parallel markets is attributed to foreign exchange shortages and strong dollar demand for imports. Analysts recommend using official remittance platforms for transparency and safety to stabilize the Naira.