Naira Holds Firm Against Dollar in Black Market

The naira maintained its position against the US dollar on Monday, August 25, in Nigeria’s parallel foreign exchange market.

Traders in major cities such as Lagos, Abuja, Port Harcourt, and Kano reported a buying rate of ₦1,540/$ and a selling rate of ₦1,545/$.

Meanwhile, the official exchange rate at the Nigerian Autonomous Foreign Exchange Market (NAFEM) wwas recorded at approximately ₦1,536/$, indicating a small difference from the parallel rate.s

Analysts caution that without meaningful reforms to the forex system, including improving dollar liquidity and transparency, the naira may continue to experience pressure amid ongoing market inefficiencies and speculative demand.