Naira rises to N1,385/$ in parallel market

In early 2024 the Nigerian naira’s unofficial (parallel‑market) exchange rate strengthened to about N1,385 per US $1, up from roughly N1,500‑1,600 earlier in the year. The rise reflected tighter monetary policy, higher oil revenues and reduced dollar demand, though the official Central Bank rate remained lower, creating a persistent dual‑rate system. Views Nigeria