The naira delivered a mixed performance against the United States dollar on Saturday, 17 January, reflecting the persistent divergence between Nigeria’s official and parallel foreign exchange markets.
Data obtained from the NGNToday platform show that the naira appreciated at the official market to N1,422 per dollar, improving slightly from N1,419 recorded on Friday, 16 January. This marginal gain signals continued efforts by monetary authorities to stabilise the formal foreign exchange window through tighter controls and managed liquidity.
However, the picture was less positive at the black market, where the naira depreciated to N1,470 per dollar, compared with N1,487 the previous day.
Despite the numerical drop from Friday’s rate, market operators interpret Saturday’s movement as renewed pressure on the parallel segment, driven largely by sustained demand for dollars outside the regulated system.
A closer look at the data highlights the widening confidence gap between both markets. While the official rate benefited from structured supply mechanisms and policy-backed interventions, the parallel market continued to respond to speculative demand, import-related pressures, and limited access to foreign exchange for small businesses and individuals.
Currency analysts note that the official market’s stability, though gradual, suggests short-term resilience supported by Central Bank oversight. In contrast, the black market remains vulnerable to fluctuations linked to seasonal demand, hoarding behaviour, and expectations around future policy direction.
The continued spread between the two rates underscores the challenges facing Nigeria’s foreign exchange framework. As long as access to dollars remains constrained for segments of the economy, the parallel market is expected to retain its influence on price discovery and consumer sentiment.
For now, Saturday’s data point to a cautiously improving outlook at the official window, even as the naira’s weakness in the black market highlights unresolved structural pressures within the broader FX ecosystem.
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