The gap between Nigeria’s official and parallel exchange rates has widened to more than N90, marking the widest divergence since President Bola Tinubu unpegged the currency in 2023. The widening spread is being driven by a surge in demand for physical dollars as political actors stockpile cash ahead of the 2027 general elections.
Despite the demand for the dollar, the naira has remained broadly stable and continues to strengthen in the official and black markets, due to increased supply of the greenback.
According to data published by the
