Naira Falls Against Dollar in Black Market

The naira weakened against the US dollar on Monday, August 18, losing ₦5.33 in the parallel market.

Currency traders in Abuja told Economic Confidential that dollar demand spiked over the weekend, putting fresh pressure on the local currency. The naira exchanged at ₦1,535/$ for buying and ₦1,545/$ for selling, compared to Friday’s ₦1,540/$ rate.

At the official Nigerian Foreign Exchange Market (NAFEM), however, the naira remained relatively stable, closing at ₦1,533/$ on Monday, slightly firmer than ₦1,532/$ on Friday.

Despite this stability at the official window, the widening gap between official and black market rates underscores persistent structural weaknesses in Nigeria’s foreign exchange system. Analysts caution that without comprehensive reforms, the naira will likely remain under sustained pressure from dollar scarcity, speculative trading, and policy uncertainty.