Naira Holds Firm Against Dollar in Black Market

The Naira remained stable against the US dollar on Wednesday, July 23, strengthening im the parallel market.

Currency dealers in Abuja told Economic Confidential that the Naira was exchanged at ₦1,515 per dollar for buying and ₦1,525 for selling, unchanged from Tuesday’s closing rate.

In contrast, at the official Nigerian Foreign Exchange Market (NAFEM), the local currency depreciation marginally, closing at ₦1,535 per dollar on Wednesday representing a slight drop from Tuesday’s rate of ₦1,532.

Despite the rebound in the parallel market, the persistent gap between official and black-market rates highlights ongoing challenges in Nigeria’s forex ecosystem. These include dollar scarcity, speculative trading, and uncertainty over the Central Bank’s monetary policy direction.

Analysts warn that without deeper structural reforms, the Naira may continue to face pressure, despite recent policy efforts to restore investor confidence and stabilize the market.