Naira Holds Firm Against Dollar in Black Market

‎The naira remained stable against the US dollar on Wednesday in the parallel (black) market.

‎A source at the Abuja black market told Economic Confidential that as of May 21, the naira exchanged at ₦1,610 per dollar for buying and ₦1,618 for selling, reflecting a ₦5.32 gain, consistent with the previous day’s rate.

‎In contrast, the naira weakened across official foreign exchange (FX) markets on Monday morning, trading at ₦1,603.17/$, compared to ₦1,596.70/$ recorded last week.

‎At the Nigerian Foreign Exchange Market (NFEM), the dollar was quoted at ₦1,600.43, representing a 0.4 percent appreciation from Friday’s closing rate of ₦1,606.15.

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