Naira Falls in Black Market, Gains at Official Window on Sept 9

The naira falls marginally against the US dollar on Tuesday, September 9, depreciating in the parallel market and appreciated at the Nigerian Foreign Exchange Market (NAFEM).

Currency dealers in Abuja told Economic Confidential that the naira traded at ₦1,520/$1 for buying and ₦1,530/$1 for selling, compared to Monday’s closing rate of ₦1,525/$1.

At NAFEM, the local currency also closed stronger at ₦1,506/$1, up from Monday’s rate at ₦1,514/$1.

Analysts, however, cautioned that the persistent gap between official and parallel market rates continues to highlight structural weaknesses in the forex market. They attributed the volatility to dollar scarcity, speculative demand, and lingering uncertainty over the Central Bank’s policy direction.

They warned that without deeper structural reforms, the naira remains vulnerable despite ongoing interventions aimed at restoring market stability and investor confidence.