Naira Weakens to ₦1,555/$ in Black Market Amid Rising Dollar Demand

The naira slipped further against the US dollar on Wednesday, August 13, reversing some of the gains recorded in the parallel market earlier in the week.

Currency dealers in Abuja told Economic Confidential that high demand kept exchange rates under pressure. The currency traded at ₦1,545/$ for buying and ₦1,555/$ for selling, compared to Monday’s close of ₦1,550/$ in the black market.

Similarly, at the official Nigerian Foreign Exchange Market (NAFEM), the naira closed marginally weaker at ₦1,537/$, unchanged from Tuesday’s rate.

The widening gap between official and parallel market rates underscores persistent challenges in Nigeria’s forex landscape, including dollar scarcity, speculative activity, and policy uncertainty. Analysts caution that without deep structural reforms, the naira will likely remain under pressure despite recent efforts to boost investor confidence and stabilize the market.