‎Naira Weakens to ₦1,630/$ in Black Market

‎The naira depreciated slightly against the U.S. dollar in the parallel market on Tuesday, May 13, trading at ₦1,630/$, down from ₦1,625/$ the previous day, marking a ₦5 decline.

‎According to data obtained by Economic Confidential, the naira was quoted at ₦1,625 per dollar for buying and ₦1,630 for selling, reflecting continued volatility in the informal foreign exchange market.

‎The persistent gap between the official and parallel market rates underscores ongoing pressure in the foreign exchange system, driven by limited dollar supply and speculative demand.