Home‎Black Market Reopens as Naira Gains ₦10 to Trade at ₦1,550/$

‎Black Market Reopens as Naira Gains ₦10 to Trade at ₦1,550/$

‎Black Market Reopens as Naira Gains ₦10 to Trade at ₦1,550/$

‎Trading in Nigeria’s parallel market resumed on Monday, August 11, after a week-long suspension triggered by the naira’s persistent depreciation against the US dollar. The pause, which began on August 4, came after the currency weakened to a level that forced many traders to halt operations.

‎On resumption, currency dealers in Abuja told Economic Confidential that the naira traded at ₦1,545/$ for buying and ₦1,550/$ for selling — a ₦10.33 gain from Friday’s rate of ₦1,560/$.

‎Dealers noted that unpredictable demand and the dollar’s recent surge had heightened volatility, with the naira hitting ₦1,565/$ on August 4 before trading was suspended.

‎At the official Nigerian Foreign Exchange Market (NAFEM), the naira remained steady at ₦1,533/$ on Monday, unchanged from Friday’s close.

‎Analysts warn that without sustained structural reforms, the local currency may remain under pressure despite ongoing policy measures aimed at restoring investor confidence and stabilizing the forex market.

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