Naira Falls Against Dollar in Black Market

The naira extended its decline against the US dollar on Thursday, July 31, matching the pace of its earlier gains in the parallel market a week before.

The naira falls consecutively against the US dollar on Thursday, July 31, mirroring the pace of its appreciation in the parallel market a week earlier.

Currency dealers in Abuja told Economic Confidential that due to high demand, the Naira was exchanged at ₦1,550 per dollar for buying and ₦1,560 for selling, a depreciation from Tuesday’s closing at ₦1,550/$, up from last week Tuesday’s rate of N1,525/$.

At the official Nigerian Foreign Exchange Market (NAFEM), the local currency remained stable at ₦1,534/$ on Thursday, unchanged from Tuesday’s Trading.

Despite the rebound in the parallel market, the persistent gap between official and black-market rates highlights ongoing challenges in Nigeria’s forex ecosystem. These include dollar scarcity, speculative trading, and uncertainty over the Central Bank’s monetary policy direction.

Analysts warn that without deeper structural reforms, the Naira may continue to face pressure, despite recent policy efforts to restore investor confidence and stabilize the market.