‎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.

‎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.