Naira Holds Firm Against Dollar in Parallel Markets

‎‎The naira steadied against the US dollar on Wednesday, in the parallel market.

‎A source at the Abuja black market told Economic Confidential that as of May 28, the naira was trading at ₦1,605/$1 for buying and ₦1,615/$1 for selling— unchanged from Tuesday closing rate of ₦1,615/$1.

‎At the official foreign exchange market, the naira falls to ₦1,600/$1 on Wednesday, compared to ₦1,590/$1 at the close of trading on Tuesday, 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.