A data-driven review of today’s foreign exchange figures reveals mounting pressure in the euro–naira market, with a wide gap opening between official pricing and parallel market levels.
Information from the NGNToday platform shows that on Monday, 19 January, the official exchange rate for the eurois fixed at N1,469, while the black market rate has surged to about N1,705 per euro.
Numbers in Focus
The N236 differential between both markets represents a premium of roughly 16%, making the euro one of the most expensive major currencies to source outside official channels.
From a data analysis perspective, this sharp divergence signals constrained euro supply and heightened demand among users who require immediate access to foreign currency.
While the official rate reflects controlled pricing within regulated trading windows, the parallel market rate responds more rapidly to liquidity shortages and unmet demand, explaining the steep markup.
Economic Meaning
Strong euro demand is often linked to European imports, tuition payments, travel expenses, and specialised services priced in the single currency. With limited availability at official windows, buyers increasingly turn to the parallel market, driving rates higher.
Such a wide spread also has inflationary implications, as higher euro costs filter through to imported goods and services, ultimately affecting consumer prices.
Market Outlook
FX analysts following NGNToday trends note that narrowing the euro–naira gap will require improved foreign currency inflows and easier access to non-dollar FX through formal channels. In the absence of these factors, the parallel market is expected to remain the dominant price setter.
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