Nigeria’s foreign exchange market continues to present different dollar prices across its official and parallel segments, raising concerns about the cost and predictability of accessing foreign currency for businesses that depend on imports.
The naira closed at ₦1,358.50 per dollar at the Nigerian Foreign Exchange Market (NFEM) on Thursday, November 12, 2026, while Bureau De Change (BDC) operators in Abuja quoted the dollar at ₦1,445 in the parallel market.
The difference of ₦86.50 per dollar, reported by Nairametrics on Friday, November 13, highlights the continuing disparity between the two markets, even as the official rate recorded an appreciation during the session.
According to the report, the official rate strengthened from ₦1,364 per dollar on Wednesday to ₦1,358.50 on Thursday, representing a 0.40 per cent appreciation. In contrast, the parallel-market quotation weakened from ₦1,430 to ₦1,445 over the same period.
The difference becomes more significant when applied to large foreign currency transactions. At the two quoted rates, a business requiring $10,000 would face a potential difference of ₦865,000 in the naira cost of purchasing the dollars. For a $100,000 transaction, the difference would amount to ₦8.65 million.
These calculations illustrate the price gap between the two market quotations. They do not establish that every importer uses the parallel market, as access to official foreign exchange depends on the nature of the transaction, documentation, availability of funds and arrangements with authorised dealer banks.
However, the disparity raises an important question for Nigerian businesses: how easily can companies, particularly smaller importers, obtain foreign currency through formal banking channels at predictable rates?
Importers require foreign exchange to pay overseas suppliers for finished products, machinery, spare parts and raw materials. Where businesses cannot access dollars through their usual banking arrangements, they may face additional costs or delays in completing transactions.
Such expenses can put pressure on working capital, pricing decisions and profit margins, although the extent of the impact differs across businesses and their sources of foreign exchange.
The Central Bank of Nigeria (CBN) has introduced measures aimed at improving liquidity and access to foreign currency, particularly in the retail segment.
In a circular dated February 10, 2026, the apex bank authorised licensed BDC operators to access foreign exchange through the NFEM via authorised dealer banks at prevailing market rates.
The circular, issued by the CBN’s Trade and Exchange Department, permitted each licensed BDC to purchase up to $150,000 weekly, subject to customer due diligence, existing regulatory requirements and other conditions.
The bank said the measure was intended to ensure adequate foreign exchange liquidity in the retail market to meet legitimate end-user demand. It also directed BDC operators to return unused foreign exchange to the market within 24 hours and prohibited them from retaining purchased funds in their positions.
While this policy provides another formal channel for eligible retail and invisible transactions, commercial importers still rely primarily on authorised dealer banks, meaning it does not guarantee that every business requiring dollars for trade will obtain them at the official market rate.
Meanwhile, the latest available official figures show that the naira closed at ₦1,353.50 per dollar on Friday, November 13, according to data tracking the CBN’s NFEM series. Tribune Online, reporting on Saturday, November 14, quoted parallel-market rates of ₦1,435 (buying) and ₦1,441 (selling) per dollar.
Ultimately, the continued spread between official and parallel-market quotations underscores that reliable, timely access to foreign currency through authorised channels, rather than the headline official rate alone, remains the critical factor for businesses involved in international trade.
