Naira Weakens in Black Market, Gains at Official Window on Sept 10

The naira recorded mixed performance against the US dollar on Wednesday, September 10, depreciating in the parallel market while appreciating at the Nigerian Foreign Exchange Market (NAFEM).

Currency dealers in Abuja told Economic Confidential that the naira traded at ₦1,530/$1 for buying and ₦1,540/$1 for selling, compared to Tuesday’s closing rate of ₦1,530/$1.

At the official window, however, the local currency strengthened, closing at ₦1,500/$1 against Tuesday’s ₦1,506/$1.

Analysts said the widening gap between the official and parallel market rates reflects persistent structural weaknesses in Nigeria’s foreign exchange system. They attributed the volatility to dollar scarcity, speculative trading, and uncertainty over the Central Bank’s policy direction.

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