‎Naira Slides to ₦1,630/$ in Black Market Amid Continued Volatility

‎The naira depreciated further against the US dollar on Thursday, dropping by ₦20.02 to exchange at ₦1,630/$ in the parallel market, down from ₦1,610/$ on Wednesday.

‎A currency trader at the Abuja black market told Economic Confidential that as of today, May 8, the naira was being bought at ₦1,620 and sold at ₦1,630 per dollar, marking a significant decline from the previous day’s rate of ₦1,610.

‎“The market is still very volatile, and we are seeing frequent fluctuations in rates,” the source added.

‎At the official window, data from the Central Bank of Nigeria (CBN) indicated a marginal depreciation, with the naira closing at ₦1,606.64/$ on Tuesday, slightly down from ₦1,605.62/$ on Monday.

‎Meanwhile, the black market had held relatively steady earlier in the week, maintaining a rate of ₦1,610/$ on both Monday and Tuesday before the recent decline.

‎The persistent gap between the official and parallel market rates continues to reflect underlying pressures in the foreign exchange market, driven by limited dollar supply and speculative demand.