The Naira continued to feel heavy pressure in the parallel market today, with the U.S. Dollar selling for ₦1,550 and buying at ₦1,540 – www.naijnaira.com reports.
According to Investors King, the official Central Bank of Nigeria (CBN) rate remains lower, but limited access to official channels keeps fueling demand in the black market.
Traders say the gap between the CBN window and street trading has widened further, forcing importers, students, and travelers to pay higher conversion costs.
“Strong demand for dollars and weak supply are driving the market,” one dealer explained, stressing that speculation and hoarding worsen the situation.
Businesses relying on imports are already raising prices, while families funding education abroad face steeper bills.
Analysts warn that without major reforms to boost supply and attract investments, the parallel market will remain dominant.
The black market remains volatile, and official rates should always be checked from the CBN.
Article updated 16 hours ago. Content is written and modified by multiple authors.
