The gap between the official and parallel market exchange rates has widened due to rising speculation and limited dollar supply. Analysts say increased demand and restricted access to foreign exchange at the official window are driving the divergence. The development has raised concerns about liquidity and possible arbitrage in the market.
Recent figures show the naira trading at N1,368.50 to the dollar at the official market and 1,390 naira at the parallel market, a gap of N21.50. This follows an earlier 12-naira difference recorded in August.
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Bureau De Change operators also point to delays in foreign exchange disbursement and limited allocations from the Central Bank as key factors. They say businesses often turn to the parallel market for faster access to dollars. Experts add that improving liquidity and strengthening policy implementation could help narrow the gap.
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