Dollar Rate Surges: Nigerians React as Parallel Market Hits ₦1,465

The US dollar continues to dominate headlines in Nigeria as exchange rates hit new highs this morning. While the official rate remains around ₦1,441 to $1, the parallel market has seen the dollar climb to ₦1,465, sparking concern among businesses and everyday Nigerians.

Experts say the gap between the official and black market rates reflects ongoing pressure on foreign reserves, rising import demands, and persistent economic uncertainty. The Central Bank of Nigeria (CBN) continues to defend the official rate, but many traders are turning to the parallel market to access dollars quickly.

Why It Matters

For importers and small businesses, the dollar surge means higher costs for goods and services. Everyday consumers are already feeling the pinch as prices for essentials rise. Many Nigerians are now looking for ways to hedge against further increases, including buying foreign currency, investing in stable assets, or delaying large purchases.

Public Reaction

Social media platforms are buzzing with reactions. Some users joke about needing “dollar loans” just to buy groceries, while others warn that the situation could worsen before any relief is seen.

One Twitter user wrote, “Official rate 1,441, parallel 1,465 soon our salaries will only cover transport!” Another added, “CBN, please intervene. The gap is killing businesses.”

What Analysts Are Saying

Analysts predict that the naira could continue to face pressure if external factors, such as oil prices and foreign investment inflows, do not improve. They urge Nigerians to plan their finances carefully and monitor both official and parallel market rates before making major transactions.

Stay informed and plan ahead as the dollar continues to test new highs in Nigeria

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