Naira Gains ₦5.32 Against Dollar in Black Market

‎The naira appreciated slightly by ₦5.32 against the US dollar on Tuesday in the parallel (black) market.

‎A source at the Abuja black market told Economic Confidential that as of May 20, the naira exchanged at ₦1,610 per dollar for buying and ₦1,618 for selling. This marks a ₦5.32 gain from Friday’s rate of ₦1,623.

‎Conversely, the naira weakened across official foreign exchange (FX) markets on Monday morning, trading at ₦1,603.17/$ compared to last week’s rate of ₦1,596.70/$.

‎At the Nigerian Foreign Exchange Market (NFEM), the dollar was quoted at ₦1,600.43, indicating a 0.4 percent appreciation from the ₦1,606.15 recorded on Friday.

‎The persistent disparity between the official and parallel market rates highlights ongoing pressures in the FX market, fueled by limited dollar supply and speculative demand.