Naira Falls Against Dollar in Black Market
The naira continued its downward slide against the US dollar in the parallel market on Friday, May 30, highlighting persistent volatility in Nigeria’s foreign exchange landscape.
A source in Abuja’s black market told Economic Confidential that the naira traded at ₦1,620/$1 for buying and ₦1,630/$1 for selling—reflecting a ₦15.33 depreciation from Wednesday’s rates of ₦1,605/$1 and ₦1,615/$1, respectively.
Conversely, the official exchange window saw a slight appreciation in the local currency, with the naira closing at ₦1,595/$1 on Friday, compared to ₦1,597/$1 on Thursday, according to historical trading data.
Despite the modest gains in the official market, the widening gap between both exchange rates underscores continued pressure on Nigeria’s forex system, driven by dollar scarcity and speculative activities.
