Naira Holds Firm Against Dollar in Black Market

The naira remained steady against the US dollar on Wednesday, August 20, retaining it’s strength in the parallel market.

Currency traders in Abuja told Economic Confidential that the naira exchanged at ₦1,535/$ for buying and ₦1,545/$ for selling, unchanged from Monday’s rate.

Similarly, at the official Nigerian Foreign Exchange Market (NAFEM), the naira remained relatively stable, closing at ₦1,534/$ on Wednesday, a slight drop by ₦1.33 compared to ₦1,533/$ on Monday.

Despite this stability at the official window, the widening gap between official and black market rates underscores persistent structural weaknesses in Nigeria’s foreign exchange system. Analysts caution that without comprehensive reforms, the naira will likely remain under sustained pressure from dollar scarcity, speculative trading, and policy uncertainty.