‎Naira Falls Against Dollar in Black Market

‎The naira continued its downward slide against the US dollar in the parallel market on Friday, May 30, highlighting persistent volatility in Nigeria’s foreign exchange landscape.

‎A source in Abuja’s black market told Economic Confidential that the naira traded at ₦1,620/$1 for buying and ₦1,630/$1 for selling—reflecting a ₦15.33 depreciation from Wednesday’s rates of ₦1,605/$1 and ₦1,615/$1, respectively.

‎Conversely, the official exchange window saw a slight appreciation in the local currency, with the naira closing at ₦1,595/$1 on Friday, compared to ₦1,597/$1 on Thursday, according to historical trading data.

‎Despite the modest gains in the official market, the widening gap between both exchange rates underscores continued pressure on Nigeria’s forex system, driven by dollar scarcity and speculative activities.