‎Naira Gains Against Dollar in Both Official, Parallel Markets

‎The naira appreciated by ₦5.33 against the US dollar across both the official and parallel markets on Saturday, May 31, reflecting ongoing volatility in Nigeria’s foreign exchange environment.

‎In the black market, traders in Abuja told Economic Confidential that the naira exchanged at ₦1,620/$1 for buying and ₦1,625/$1 for selling—marking a ₦5.33 gain from Friday’s rate of ₦1,630/$1.

‎Similarly, at the official exchange window, the local currency recorded a modest appreciation, closing at ₦1,589/$1 on Saturday, compared to ₦1,595/$1 on Friday, based on historical trading data.

‎Further data from the Central Bank of Nigeria (CBN) showed the naira experienced slight fluctuations over the week: ₦1,583.73 on Monday, ₦1,579.40 on Tuesday, ₦1,590.74 on Wednesday, and ₦1,586.15/$1 by Friday’s close.

‎Despite these gains, the widening gap between the official and parallel market rates continues to reflect persistent pressure on Nigeria’s forex system—fueled by dollar scarcity and speculative trading activities.