Naira Falls Against Dollar in Black Market

The Naira continued to decline against the US dollar on Tuesday July 29, weakening further in the parallel market.

Currency dealers in Abuja told Economic Confidential that due to high demand, the Naira was exchanged at ₦1,535 per dollar for buying and ₦1,545 for selling, a depreciation from Monday’s closing at ₦1,540/$.

At the official Nigerian Foreign Exchange Market (NAFEM), the local currency also fell to ₦1,534/$ on Tuesday, a depreciation from Monday’s closing at ₦1,532.54 per dollar.

Despite the rebound in the parallel market, the persistent gap between official and black-market rates highlights ongoing challenges in Nigeria’s forex ecosystem. These include dollar scarcity, speculative trading, and uncertainty over the Central Bank’s monetary policy direction.

Analysts warn that without deeper structural reforms, the Naira may continue to face pressure, despite recent policy efforts to restore investor confidence and stabilize the market.