Naira Strengthens Against Dollar in Official, Parallel Markets
The naira appreciated marginally against the US dollar on Tuesday, gaining ₦2.33 in both the official and parallel markets.
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A source at the Abuja black market told Economic Confidential that as of May 27, the naira was trading at ₦1,605/$1 for buying and ₦1,615/$1 for selling—up from Monday’s closing rate of ₦1,617/$1.
Similarly, in the official foreign exchange market, the naira strengthened to ₦1,590/$1 on Tuesday, compared to ₦1,601/$1 at the close of trading on Monday, based on historical exchange rate data.
Despite the modest gains, the persistent disparity between the official and black market rates highlights ongoing pressure on the forex market, fueled by limited dollar supply and speculative demand.
