The U.S dollar is trading at ₦1,446.9 today in the official Nigerian Foreign Exchange Market (NFEM).
In the parallel (black) market, however, the dollar is exchanging for approximately ₦1,476.
This leaves a price gap of about ₦29.1 between the two markets, highlighting the ongoing divergence between official and informal forex channels.
Analysts attribute the spread to sustained high demand within the parallel market, coupled with tight dollar liquidity and restricted access for many individuals and small businesses.
The official market, on the other hand, has remained relatively steady, supported by regulatory interventions and formal inflows.
For travellers, import-dependent businesses, and those receiving remittances, the market chosen, official or parallel, still significantly affects the value obtained when converting dollars to naira.
