Naira Holds Firm Against Dollar in Both Official, Black Markets

‎The naira falls slightly by ₦2.33 against the US dollar at parallel market but appreciated at the official market on Tuesday, June 3, reflecting ongoing volatility in Nigeria’s foreign exchange landscape.

‎In the black market, currency traders in Abuja told Economic Confidential that the naira was exchanged at ₦1,605/$1 for buying and ₦1,612/$1 for selling—representing a ₦2.33 depreciation from Monday’s rate of ₦1,610/$1.

‎Conversely, at the official exchange window, the local currency recorded a modest appreciation, closing at ₦1,579/$1 on Tuesday, compared to ₦1,582/$1 on Monday, based on historical trading data.

‎Despite these gains, the persistent gap between the official and parallel market rates continues to highlight the underlying pressure on Nigeria’s forex system, driven by dollar scarcity and speculative trading activities.