CBN Exchange Rate Disparity Widens to 6.4% Amid Liquidity Concerns

The gap between Nigeria's official and parallel market exchange rates has expanded to 6.4% (N94), sparking concerns about arbitrage opportunities. This follows official CBN data and Nairametrics' parallel market survey showing persistent liquidity frictions despite recent stabilization efforts. The official market closed at N1,359/$ on February 5, 2026, while the parallel market traded at N1,453/$—a 6.4% spread narrower than January's N100 peak but still elevated. CBN reforms have reduced the NFEM-BDC premium from 62.23% in 2023 to 2.11% by December 2025, yet full convergence remains elusive. External reserves at $46.59 billion provide near-term stability, with projections rising to $51.04 billion in 2026. Dangote Refinery's expansion to 1.4 million bpd capacity could further support FX stability. Will you adjust business strategies or monitor market developments closely?

SOURCE: https://nairametrics.com/2026/02/05/exchange-rate-gap-at-6-4-revives-arbitrage-concerns/