Naira Picks Up on the Streets, Slips Slightly at Official Rate

By: Pentho Goldmark  The naira had a mixed outing in the forex market last week. On the streets, the local currency got a little stronger, t...

By: Pentho Goldmark 

The naira had a mixed outing in the forex market last week.

On the streets, the local currency got a little stronger, trading at N1,530 to a dollar, better than the N1,535 it went for the previous week. It may not be a big jump, but for many, every naira counts.

At the official Nigerian Foreign Exchange Market (NFEM), however, the naira lost a bit of ground. It closed at N1,513 to a dollar, weaker than the N1,511.5 it traded the week before — that’s about N1.5 difference.

Figures from the Central Bank of Nigeria (CBN) also put the official rate at N1,513 per dollar.

One interesting part is that the gap between the parallel market (black market) and the official rate is closing up. The difference now stands at N17, compared to N23.5 the week before.

For everyday Nigerians, this kind of movement matters because it affects the cost of things like food, fuel, and even school fees for families with children studying abroad. So while the street gain is good news, the official dip is a reminder that the naira’s journey is still shaky.