Naira Slips Further As Dollar Trades Above ₦1,480 At Parallel Market

Currency dealers at Bureau De Change outlets disclosed that the rates fluctuated slightly across locations, depending on demand and availability. Market participants noted that the gap between official and parallel market rates remains a key indicator of ongoing strain in the forex market.

At the official window, data showed that the Central Bank of Nigeria recorded the dollar at a high of ₦1,458 and a low of ₦1,453. The apex bank has repeatedly emphasized that it does not recognize transactions conducted through the parallel market and has advised individuals and businesses seeking foreign exchange to channel their requests through licensed banks.

Analysts caution that foreign exchange prices may differ from those quoted, as rates are subject to daily changes influenced by market forces and location.