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Naira Steadies at ₦1,468 per Dollar on Official Market, but Street Rate Stays Higher
Nigerian naira traded at about ₦1,468 to the U.S. dollar on Wednesday in the official foreign exchange market, while rates in the parallel market remained higher at around ₦1,495 per dollar, according to data from the Central Bank of Nigeria and currency dealers.....KINDLY READ THE FULL STORY HERE▶
The figures show the naira holding steady in the official market but still under pressure in the streets, where limited dollar supply continues to drive up demand.
At the Nigeria Foreign Exchange Market (NAFEM), the dollar traded at an average of ₦1,468, slightly stronger than Tuesday’s closing rate. On the parallel market, traders in Lagos and Abuja said they bought the dollar at ₦1,480 and sold at about ₦1,495, leaving a spread of roughly ₦27 between both markets.
Currency analysts say the difference between the two markets remains a key challenge for Nigeria’s foreign exchange system. While the official rate is influenced by central bank policy and interbank transactions, the parallel market reflects everyday demand from importers, students, and travelers who often struggle to access foreign currency through official channels.
“The gap persists because official dollar supply is still limited, while demand remains strong from importers and retail customers,” one Lagos-based dealer told Vanguard. “Until liquidity improves, we are likely to keep seeing a premium in the street market.”
Economists also point to broader factors behind the naira’s performance. Reduced oil revenue, lower foreign investment inflows, and persistent import demand have kept the dollar supply tight. Meanwhile, the Central Bank’s recent decision to ease monetary policy by cutting benchmark rates in September helped stabilize the official market but has not yet improved liquidity in the wider economy.
“The naira’s recent stability around the ₦1,460–₦1,470 range shows some confidence returning to the official market,” said an analyst at a Lagos investment firm. “But without stronger inflows from exports and foreign investors, the parallel market will likely remain elevated.”
For businesses and consumers, the dual exchange rates continue to create pressure. Importers who cannot secure dollars at the official rate often turn to the parallel market, where they pay more, leading to higher prices for goods and services. Individuals making tuition payments abroad or engaging in travel also face similar challenges.
“The impact is real for ordinary Nigerians,” said a Lagos trader who imports electronics. “We spend more on foreign exchange, and that affects the final price of everything we sell.”
Experts say narrowing the gap between the two markets will require stronger dollar inflows, higher export earnings, and clearer communication from monetary authorities. They also highlight the importance of restoring confidence in Nigeria’s foreign exchange system through transparency and consistent policy enforcement.
Looking ahead, market watchers will focus on whether the Central Bank increases dollar supply to banks or intervenes more actively to stabilize the market. They will also monitor global oil prices, which remain a major source of Nigeria’s foreign exchange earnings.
As of Wednesday evening, both official and street market dealers said trading was relatively calm, with limited volatility and steady demand for the dollar.
While the naira’s stability at ₦1,468 offers temporary relief, the persistent premium in the parallel market underscores ongoing pressure on Africa’s largest economy. Without stronger inflows and policy clarity, analysts warn, the currency could face renewed challenges in the coming weeks.
A faction of the Peoples Democratic Party (PDP) aligned with the Minister of the Federal Capital Territory, Nyesom Wike, has declared its intention to present a presidential candidate in the 2027 general elections.....KINDLY READ THE FULL STORY HERE▶
This comes despite Wike’s open endorsement of President Bola Ahmed Tinubu for re-election, as well as his recent comments suggesting the party may struggle to fund a nationwide presidential campaign.
However, speaking in an interview, the PDP National Publicity Secretary, Jungudo Haruna Mohammed, dismissed claims that the party would not field a candidate, insisting that preparations are ongoing.
He said the party’s National Executive Committee meeting scheduled for Monday will address key issues such as zoning arrangements and nomination fees.
According to him, “We are going to have a presidential candidate. The NEC will decide the zoning formula. Our goal is to win the election and take power from the APC.”
Responding to questions about Wike’s support for President Tinubu, he argued that the minister was speaking in his personal capacity and not on behalf of the PDP.
He stressed that there is a clear separation between Wike’s role as a federal appointee and his status within the party, adding that the PDP’s decisions rest with its leadership structures.
The Balogun of Ibadanland, Oba Tajudeen Ajibola, has revealed that Ibadan elders have stepped into the ongoing tension between Oyo State Governor Seyi Makinde and the Olubadan of Ibadanland, Oba Rashidi Ladoja.....KINDLY READ THE FULL STORY HERE▶
The development follows rising political controversy in the state after former Ekiti State Governor Ayodele Fayose alleged that Makinde was plotting against the Olubadan, a claim denied by both the state government and the palace.
Amid the growing tension, some lawmakers also distanced themselves from alleged impeachment discussions involving the governor, insisting they were not part of any destabilising plot.
Speaking with journalists in Ibadan, Oba Ajibola said elders in the city had intervened to calm the situation and urged all sides to avoid actions that could disrupt peace in the state.
He stressed that the Olubadan remains a highly respected traditional ruler and should not be drawn into political disputes.
Ajibola advised Oba Ladoja to remain neutral and act as a father figure to all politicians, regardless of party affiliation, warning that the dignity of the throne must be protected at all times.
The Lagos State Ministry of Justice has released four police officers and a developer, Abiodun Ariori, who were accused in connection with the killing of six traders in the Owode Onirin area of Kosofe, Lagos State.....KINDLY READ THE FULL STORY HERE▶
The decision followed legal advice from the Directorate of Public Prosecutions (DPP), which concluded that the officers acted in self-defence during a mob attack.
In the advice signed by DPP Babajide Martins, the office stated that investigators failed to provide sufficient evidence, including autopsy and ballistic reports, to support criminal charges such as manslaughter.
It further stated that available facts did not clearly link the suspects to the deaths, while noting that the officers were acting to protect themselves during the chaos. The DPP also said the developer was not physically present at the scene when the incident occurred.
The incident reportedly happened during the enforcement of a disputed court order over a land area occupied by traders, which later turned violent and led to the deaths.
However, the Nigeria Police Force disagreed with the legal advice, insisting that autopsy and ballistic findings were strong enough to prosecute the suspects.
Human rights lawyer, Femi Falana, who represents the victims’ families, said the case is not over, adding that additional evidence would be submitted to the DPP while also pursuing compensation through a civil suit.
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