Naira Reverses Gains Against Dollar in Black Market

The Naira has lost N15.33 of its gains against the US dollar on Monday July 28, depreciating in the parallel market.

Currency dealers in Abuja told Economic Confidential that due to high demand, the Naira was exchanged at ₦1,530 per dollar for buying and ₦1,540 for selling, unchanged from Friday’s closing rate, which was preceded by a fall from Wednesday’s exchange rate of ₦1,525.

In contrast, at the official Nigerian Foreign Exchange Market (NAFEM), the local currency remained steady through the weekend’s trading, closing at ₦1,532.54 per dollar on Monday.

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.