Naira Weakens Across Markets on Sept 12

The naira fell further against the US dollar on Friday, September 12, losing ground in both the parallel and official markets.

In Abuja’s black market, dealers quoted the naira at ₦1,533/$1 for buying and ₦1,545/$1 for selling, weaker than Thursday’s ₦1,540/$1 close.

Similarly, at the Nigerian Foreign Exchange Market (NAFEM), it slipped slightly to ₦1,502/$1 from ₦1,500/$1.

Analysts blame the widening gap between the two markets on dollar shortages, speculative trading, and policy uncertainty, warning that the currency will remain under pressure until deeper structural reforms take hold despite ongoing Central Bank interventions.