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.
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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.
