The naira remained broadly stable on Thursday as Nigeria’s official market (NFEM) and the Central Bank (CBN) rates hovered around the mid-₦1,400s while the parallel market quoted higher prices — widening the gap that matters for traders, importers and Nigerians receiving remittances.
Today’s rates:
NFEM (market VWAP/official market): ₦1,471.36 / $1
CBN official reference/published figure: ₦1,469 / $1
Parallel/AbokiFX (black market): Sell ₦1,500 | Buy ₦1,480 per dollar
The gap between the NFEM/CBN rate and the parallel market sits at roughly ₦29–₦31 per dollar today — a key measure of market segmentation and dollar access pressure for ordinary Nigerians.
Why the naira is trading here
CBN policy and liquidity: The CBN’s recent policy easing — including a 50 bps cut to the benchmark rate in late September — and steps to improve FX liquidity have helped stabilise the official market. Analysts say easing inflation and improved reserves also supported the mid-₦1,400s levels.
Demand on parallel market: Local demand for cash dollars (travel, importers, and informal remittances) keeps AbokiFX and black-market quotes higher than official levels. That spread persists despite narrower gaps reported this week.
