Naira Weakens Further Against Dollar Amid Forex Volatility

The Nigerian naira continued its downward slide against the US dollar on Thursday, June 19, 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 ₦1,590/$1 for buying and ₦1,600/$1 for selling, a decline from Wednesday’s average of ₦1,595/$1.

At the official window, the naira also weakened slightly, closing at ₦1,550/$1, down from ₦1,545/$1 the previous day, according to data from the Nigerian Foreign Exchange Market.

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.