Naira Stable at ₦1,630/$ in Black Market Amid Lingering Forex Pressures
The naira remained stable on Wednesday in the parallel foreign exchange market, maintaining the same rate recorded at the close of trading on Tuesday.
A source at the Abuja black market told Economic Confidential that as of May 14, the naira was trading at ₦1,615 per dollar for buying and ₦1,630 per dollar for selling—unchanged from Friday’s levels.
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Meanwhile, the naira appreciated by ₦5.72 in the official foreign exchange (FX) markets after trading on Monday.
The dollar was quoted at ₦1,600.43, reflecting a 0.4 percent gain compared to ₦1,606.15 recorded on Friday at the Nigerian Foreign Exchange Market (NFEM), according to data from the Central Bank of Nigeria (CBN).
The appreciation was supported by steady inflows, with non-bank financial institutions and exporters accounting for 62.44 percent of total FX supply.
Despite this, the persistent gap between the official and parallel market rates highlights ongoing pressure on the foreign exchange system, fueled by limited dollar supply and speculative demand.
