The Nigerian Naira has recorded a sharp decline in the parallel market, depreciating by ₦40 against the US Dollar within a single trading window.
On February 24, 2026, the local currency fell from its previous position to trade at an average of ₦1,490 per dollar, a significant shift from the ₦1,450 rate observed at the start of the week.
Market analysts attribute this volatility to a sudden surge in demand for greenbacks by small-scale importers and individuals seeking personal travel allowances, which has outpaced the available supply in the informal sector.
While the official Nigerian Foreign Exchange Market (NFEM) maintained a relatively stable mean rate of ₦1,348, the widening gap between the official and black market rates has reignited concerns regarding arbitrage and price speculation.
Bureau de Change operators in Lagos and Abuja noted that the scarcity of liquidity forced the rapid price adjustment as the market reacted to the depletion of immediate dollar reserves.
This latest slide places additional pressure on consumer prices, as the increased cost of procurement in the parallel market continues to drive inflationary trends across the economy.
Source: Daily Post
