NAIRA DEPRECIATES TO N1,510 PER DOLLAR AT PARALLEL MARKET AS CBN MAINTAINS OFFICIAL RATE

The Nigerian naira continued its downward trajectory against the United States dollar on the parallel market on Tuesday, April 7, 2027, trading at an average of N1,510 per dollar. This represents a significant depreciation from the N1,485 rate recorded at the close of trading on Monday, reflecting persistent demand pressure for the greenback.

At the official window, the Central Bank of Nigeria maintained its managed exchange rate, with the naira quoted at approximately N1,173 to N1,197 per dollar based on recent trading patterns. The disparity between the parallel market rate and the official rate has widened to over N300, signaling ongoing challenges in the foreign exchange market despite the CBN’s various intervention measures.

Bureau de Change operators in Lagos and Abuja confirmed the new rates to reporters on Tuesday morning. A BDC operator in Lagos’s Ikeja area, Alhaji Musa Bello, said, “We are buying at N1,495 and selling at N1,510. The dollar is scarce again. Many people are looking for dollars for school fees and medical trips abroad. If the CBN does not release more dollars, the rate may go higher before the end of the week.”

Another operator in the Wuse Zone 4 area of Abuja, who requested anonymity, added, “The past two weeks have been tough. Demand is very high but supply is low. We are struggling to meet customer requests even at this rate.”

The Central Bank of Nigeria has yet to issue an official statement on Tuesday’s parallel market movement. However, a senior official at the CBN’s Trade and Exchange Department, speaking on condition of anonymity, told reporters, “The bank remains committed to ensuring liquidity in the official market. We continue to monitor developments and will take appropriate actions as necessary. The naira remains fundamentally stable, and we advise the public to transact through official channels.”

The naira’s current struggles come amid a backdrop of mixed economic indicators. Analysts point to declining oil revenues, increased demand for foreign currency ahead of the summer travel season, and lingering effects of previous monetary policy adjustments.

Economic analyst and CEO of Financial Derivatives Company, Dr. Bismarck Rewane, in a brief comment on the situation, noted, “The widening gap between the official and parallel rates is concerning. It suggests that the CBN’s current policies may not be fully addressing underlying demand pressures. A unified exchange rate remains the ultimate goal, but achieving it requires addressing supply side constraints.”

The persistent pressure on the naira has also affected other sectors of the economy, with importers of goods ranging from electronics to raw materials reporting increased costs. A Lagos-based importer of spare parts, Chief Emeka Okafor, lamented, “Every week the dollar goes up. Our prices keep changing. Customers complain but we have no choice. If the naira does not improve, many small businesses will close.”

The CBN has in recent months implemented various policies aimed at stabilizing the currency, including increased oversight of BDC operations, periodic interventions in the official market, and efforts to boost non-oil exports. However, the sustained gap between the official and parallel markets indicates that these measures have yet to fully resolve the structural challenges facing Nigeria’s foreign exchange regime.

Market observers will be watching closely for any announcement from the CBN regarding potential policy adjustments or additional dollar injections to stabilize the naira in the coming days.