‎Naira Slips by ₦3.33 Against Dollar in Black Market

‎The naira slightly depreciated by ₦3.33 against the US dollar as trading resumed on Monday in the parallel (black) market.

‎A source at the Abuja black market told Economic Confidential that as of May 19, the naira was exchanging at ₦1,615 per dollar for buying and ₦1,623 for selling. This reflects a ₦3.33 drop from Friday’s rate of ₦1,620.

‎Similarly, 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, reflecting a 0.4 percent appreciation from ₦1,606.15 recorded on Friday.

‎The persistent gap between the official and parallel market rates underscores ongoing pressures in the FX market, driven by limited dollar supply and speculative demand.