Naira Sheds ₦10 Against Dollar in Parallel Market

‎The naira weakened against the US dollar in the parallel market on Thursday, May 29, reflecting ongoing volatility in Nigeria’s foreign exchange landscape.

‎A source in Abuja’s black market told Economic Confidential that the naira was trading at ₦1,615/$1 for buying and ₦1,625/$1 for selling—marking a ₦10 drop from Wednesday’s rate of ₦1,615/$1 and ₦1,605/$1, respectively.

‎In contrast, the official exchange market recorded a slight appreciation in the local currency, with the naira closing at ₦1,597/$1 on Thursday, up from ₦1,600/$1 on Wednesday, according to historical trading data.

‎Despite the marginal gains in the official window, the widening gap between the two markets underscores persistent pressure on the forex market, driven by limited dollar supply and speculative trading.