Naira Falls Against Dollar in Official, Black Markets

‎The Nigerian naira declined against the US dollar on Wednesday, June 18, at 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 ₦1,585/$1 for buying and ₦1,595/$1 for selling — a drop from Monday’s average rate of ₦1,590/$1.

‎At the official exchange window, the naira also recorded a slight drop, closing at ₦1,545/$1 on Wednesday, compared to ₦1,540/$1 on Monday, 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.