Dollar Hits ₦1,410 in Parallel Market as Official Rate Holds at ₦1,376

The naira opened May with little movement against the US dollar in the official market. The Central Bank’s rate sits around ₦1,376 per dollar, slightly off yesterday’s ₦1,375.65. Meanwhile, parallel market traders in Lagos and Abuja are buying at about ₦1,410 per dollar. Selling rates vary by location and transaction size. This gap highlights ongoing pressure on the official window despite the CBN’s efforts to boost dollar supply. Other currencies in the black market include the British pound at roughly ₦1,720 and the Canadian dollar at ₦1,035. Analysts warn that global oil prices and Nigeria’s monetary policy will determine whether the naira remains stable or weakens further.

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