Naira Appreciates to ₦1,540 Against Dollar in Black Market

The naira strengthened against the US dollar on Friday, August 15, gaining ₦20.33 in the parallel market.

Currency traders in Abuja told Economic Confidential that reduced demand for dollars contributed to the local currency’s marginal rebound. The naira traded at ₦1,530/$ for buying and ₦1,540/$ for selling, compared to Thursday’s rates of ₦1,550/$ and ₦1,560/$ respectively.

At the official Nigerian Foreign Exchange Market (NAFEM), the naira also posted slight gains, closing at ₦1,532/$ on Friday, up from ₦1,534/$ the previous day.

Despite the improvement, the widening gap between official and black market rates continues to reflect structural weaknesses in Nigeria’s foreign exchange system. Analysts warn that without comprehensive reforms, the naira could remain under sustained pressure, driven by dollar scarcity, speculative trading, and policy uncertainty.