Naira Strengthens Against Dollar Amid Forex Volatility

The Nigerian naira continued to strengthened against the US dollar on Saturday, June 21, in both the official and black markets, reflecting ongoing volatility in the country’s foreign exchange landscape.

In the parallel market, currency dealers in Abuja told Economic Confidential that the naira exchanged at ₦1,575/$1 for buying and ₦1,585/$1 for selling, an appreciation from Friday’s average of ₦1,590/$1.

At the official window, the naira also weakened slightly, closing at ₦1,547/$1, up from ₦1,549/$1 the previous day, according to data from the Nigerian Foreign Exchange Market. I’m

The widening gap between the official and black market rates highlights the persistent pressure on Nigeria’s forex system, driven by dollar scarcity, speculative demand, and lingering uncertainty in monetary policy implementation.