The exchange rate between the United States dollar and the Nigerian naira continued to reflect pressure in the foreign exchange market as traders at the parallel market recorded marginal fluctuations. According to Ireporter Online, checks conducted on Friday, January 2, revealed that the dollar was sold at ₦1,480 and purchased at ₦1,478 by operators at the Lagos parallel market, commonly referred to as the black market.

Market sources disclosed that Bureau De Change operators adjusted their rates slightly in response to demand dynamics, with buyers and sellers negotiating within a narrow margin. The rates indicate sustained volatility in the unofficial forex market, which remains sensitive to supply constraints and speculative activity.

It was reiterated that the Central Bank of Nigeria does not recognize transactions conducted in the parallel market. The apex bank has consistently advised individuals and businesses seeking foreign exchange to approach authorized financial institutions for legitimate transactions.

There Is Only One Iyawe — Edo Residents Praise Lawmaker To High Heavens At Okpebholo’s One-Year Anniversary

Meanwhile, official data from the Central Bank of Nigeria showed that the dollar exchanged within a lower range at the official market. According to available figures, the highest recorded rate stood at ₦1,438, while the lowest was ₦1,427, highlighting the persistent gap between official and parallel market rates.

Analysts note that exchange rates may vary across locations, as prices are largely influenced by demand, availability, and negotiations between buyers and sellers at the point of transaction.

For Advert, Event Coverage/Press Conference Invite, Story/Article Publication & Other Media Services
Contact Us On WhatsApp
Send Email To: citizennewsng@gmail.com
Visit Citizen NewsNG To Read More Latest and Interesting News Across Nigeria and the World