‎Naira Holds Firm Against Dollar in Black Market Amid Forex Volatility

‎The naira held steady against the US dollar at the parallel market on Wednesday, June 4, underscoring continued volatility in Nigeria’s foreign exchange landscape.

‎Currency traders in Abuja told Economic Confidential that the naira exchanged at ₦1,605/$1 for buying and ₦1,612/$1 for selling—unchanged from Tuesday’s closing rates.

‎In contrast, at the official exchange window, the local currency saw a slight depreciation, closing at ₦1,583/$1 on Wednesday compared to ₦1,579/$1 the previous day, according to historical trading data.

‎The persistent disparity between official and parallel market rates continues to reflect underlying pressures in Nigeria’s forex market, driven by dollar scarcity and speculative trading.