LAGOS — June 18, 2026 — The naira weakened to ₦1,405 per dollar at the parallel market on Wednesday, widening the gap with the official NFEM rate of ₦1,361.5 to ₦43.5.
The slide comes as Brent crude fell by $7 per barrel this week to $79.88, cutting Nigeria’s main source of dollar inflows. Traders say demand pressure from importers and summer travel is also driving the rate up.
The widening spread has revived fears of currency round-tripping, while businesses are holding off on pricing decisions ahead of the Tax Acts 2025 rollout in January. Households are already facing higher costs for fuel, food, and imported goods.
The Central Bank has not commented, but analysts expect renewed volatility if oil stays below $80 and reserve buffers weaken further.
