Naira Holds Firm Against Dollar in Black Market
The naira remained stable against the US dollar in the parallel market on Monday.
A source at the Abuja black market told Economic Confidential that as of May 26, the naira traded at ₦1,610/$1 for buying and ₦1,617/$1 for selling—unchanged from Friday’s closing rate of ₦1,617/$1.
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At the official foreign exchange market, however, the naira depreciated to ₦1,601/$1 on Monday, compared to ₦1,583.50/$1 last Friday—marking a ₦18.32 drop within two days, according to historical exchange rate data.
The persistent gap between the official and parallel market rates underscores continued pressure on the foreign exchange market, driven by limited dollar supply and speculative demand.
