Naira Gains Against Dollar as Forex Pressures Mount

‎The Nigerian naira appreciated slightly against the US dollar on Tuesday, June 24, in both the official and parallel markets, reflecting persistent pressure and volatility in the country’s foreign exchange environment.

‎In the black market, currency dealers in Abuja told Economic Confidential that the naira exchanged at ₦1,570/$1 for buying and ₦1,580/$1 for selling— an appreciation to Monday’s rate of ₦1,595/$1.

‎Similarly, at the official Nigerian Foreign Exchange Market (NAFEM) window, the naira remained steady, closing at ₦1,550/$1 same exchange rate of ₦1,550/$1 recorded the previous trading day.

‎The widening disparity between the official and parallel market rates underscores the ongoing challenges in Nigeria’s forex system. These include persistent dollar scarcity, speculative trading, and uncertainty surrounding the implementation of monetary policy reforms.

‎Market watchers say that unless these structural issues are addressed, the naira may remain under pressure despite policy efforts by the Central Bank of Nigeria to stabilize the currency.