The naira traded in the mid-1,400 naira range against the dollar on official markets Friday, while black market rates edged toward 1,500, maintaining a persistent premium that underscores ongoing dollar scarcity and importer pressures.

On the Nigerian Foreign Exchange Market, the naira's volume-weighted average price settled between 1,470 and 1,475 naira per dollar, according to Central Bank of Nigeria-derived benchmarks. Interbank listings aligned closely, ranging from 1,460 to 1,475 naira, reflecting mid-October stability per historic data.

In contrast, parallel market trackers like AbokiFx reported rates of 1,480 to 1,500 naira, yielding a 25- to 40-naira gap over official windows.

Market analysts attributed the divergence to limited dollar inflows at official desks, even as demand from importers and sporadic foreign portfolio exits added strain. "Constrained supplies meet steady needs from trade and investors unwinding positions," noted a FMDQ Securities Exchange report, highlighting how the dynamic sustains the spread.

For businesses and households, the disparity bites: Importers tapping informal channels face steeper costs, remittances via unofficial routes offer better yields but volatility, and consumers absorb hikes on dollar-linked goods like fuel and imports.

Economists warn prolonged gaps could fuel inflation, already at 32.7% in September per the National Bureau of Statistics.The Central Bank has ramped up interventions, including recent $200 million injections, but dealers say sustained liquidity and policy tweaks are key to narrowing the divide.

As Nigeria navigates global headwinds, the naira's dual pricing remains a stark reminder of forex fragility.