Naira Gains in Black, Steady in Official Market on Sept 19

The naira Strengthened against the US dollar on Friday, September 19, appreciating in the parallel market while retaining its strength at the Nigerian Foreign Exchange Market (NAFEM).

Currency dealers in Abuja told Economic Confidential that the naira traded at ₦1,515/$1 for buying and ₦1,525/$1 for selling, compared to Thursday’s closing rate of ₦1,535/$1.

At the official window, the local currency remained steady at ₦1,498/$1, up from ₦1,494/$1 closing rate exchanged on Friday.

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.