Naira Gains Against Dollar in Official, Black Markets
The Nigerian naira extended its gains against the US dollar on Monday, June 16, appreciating in both the official and parallel markets amid continued volatility in the country’s foreign exchange landscape.
In the black market, currency dealers in Abuja told Economic Confidential that the naira traded at ₦1,580/$1 for buying and ₦1,590/$1 for selling — a ₦10.33 improvement from Friday’s average rate of ₦1,590/$1.
At the official exchange window, the naira also recorded a slight gain, closing at ₦1,540/$1 on Monday, compared to ₦1,542/$1 on Saturday, according to data from the Nigerian Foreign Exchange Market.
Despite these improvements, the persistent disparity between official and parallel market rates underscores the ongoing pressure on Nigeria’s forex system, largely driven by dollar scarcity and speculative trading activities.
