Naira Stable at ₦1,625/$ in Black Market Amid Lingering Forex Pressures
The naira held steady on Monday in the parallel foreign exchange market, maintaining the same rate recorded at the close of trading on Friday.
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A source at the Abuja black market told Economic Confidential that as of May 12, the naira was exchanging at ₦1,620 per dollar for buying and ₦1,625 per dollar for selling, unchanged from Friday’s levels.
Despite the apparent stability, traders warned that market conditions remain volatile, driven by fluctuations in demand and supply dynamics.
The persistent gap between official and parallel market rates continues to highlight underlying pressures in the foreign exchange market, largely attributed to limited dollar liquidity and speculative activities.
