Naira Holds Firm at ₦1,625/$ in Black Market
The naira held firm on Saturday in the parallel foreign exchange market, maintaining a stable rate similar to Friday’s close.
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A source at the Abuja black market told Economic Confidential that as of May 10, the naira was trading at ₦1,620 per dollar for buying and ₦1,625 per dollar for selling, unchanged from Friday’s closing figures. Despite the relative stability, traders caution that market conditions remain volatile.
The sustained disparity between the official and parallel market rates underscores lingering pressures in the foreign exchange market, fueled by limited dollar supply and speculative demand.
