Naira Strengthens Against Dollar Across Markets
The Naira continued its appreciation against the US dollar on Wednesday, July 16, strengthening in both the official and parallel markets.
In the black market, currency dealers in Abuja told Economic Confidential that the naira traded at ₦1,530/$1 for buying and ₦1,538/$1 for selling, unchanged up from Wednesday’s closing rate of ₦1,538/$1.
Similarly, at the official Nigerian Foreign Exchange Market (NAFEM), the naira held relatively steady, closing at ₦1,528/$1 on Wednesday, unchanged from Tuesday’s Trading.
Despite the recent rebound, the widening gap between official and parallel rates highlights persistent challenges in Nigeria’s forex landscape, including dollar scarcity, speculative demand, and lingering uncertainty over the Central Bank’s monetary policy reforms.
Analysts warn that without structural fixes, the currency may continue to face pressure despite current policy interventions aimed at restoring market confidence.