NAIRA TRADES AT ₦1,355 OFFICIAL, ₦1,420 PARALLEL TODAY GAP WIDENS AS IMPORT DEMAND RISES

NAIRA TRADES AT ₦1,355 OFFICIAL, ₦1,420 PARALLEL TODAY GAP WIDENS AS IMPORT DEMAND RISES

BDC rates diverge further from official window; analysts cite debt obligations and travel dollar demand

The Nigerian naira weakened at both official and parallel market windows on Friday, April 24, with the spread between the two segments widening to as much as ₦70 per dollar signalling renewed demand pressure on the currency.

At the Nigerian Foreign Exchange Market, the naira traded within a ₦1,350–₦1,355 range against the dollar on Friday, reflecting continued stability in the official segment supported by CBN managed float interventions. In the parallel market, Bureau de Change operators reported buying rates of around ₦1,395 and selling rates reaching ₦1,420 per dollar depending on location and transaction volume.

The official-to-parallel market spread of ₦65–₦70 is wider than the ₦50–₦60 range observed earlier in April, when the naira was trading closer to ₦1,384 at the official window. The deterioration in the gap suggests that dollar demand outside formal channels is rising faster than supply.

Analysts point to three converging pressures: elevated import demand as businesses rebuild stock ahead of Q2; travel-related dollar purchases as the dry season accelerates international movement; and ongoing external debt service obligations creating structural dollar outflows from the official market.

For businesses sourcing dollars through BDC operators or informal channels, today's effective rate of ₦1,395–₦1,420 represents a material increase from the ₦1,384 official rate reported at the start of April. Import cost calculations made two weeks ago may no longer reflect the real landed cost of goods.