Naira Gains Against Dollar in Both Official, Black Markets

‎The naira appreciated by ₦15.33 against the US dollar across both the official and parallel markets on Monday, June 2, reflecting ongoing volatility in Nigeria’s foreign exchange landscape.

‎In the black market, currency traders in Abuja told Economic Confidential that the naira was exchanged at ₦1,600/$1 for buying and ₦1,610/$1 for selling—representing a ₦15.33 gain from Saturday’s rate of ₦1,625/$1.

‎Similarly, at the official exchange window, the local currency recorded a modest appreciation, closing at ₦1,582/$1 on Monday, compared to ₦1,589/$1 on Saturday, based on historical trading data.

‎Despite these gains, the persistent gap between the official and parallel market rates continues to highlight the underlying pressure on Nigeria’s forex system, driven by dollar scarcity and speculative trading activities.