Naira Strengthens Against Dollar in Official, Parallel Markets

‎The naira appreciated marginally against the US dollar on Tuesday, gaining ₦2.33 in both the official and parallel markets.

‎A source at the Abuja black market told Economic Confidential that as of May 27, the naira was trading at ₦1,605/$1 for buying and ₦1,615/$1 for selling—up from Monday’s closing rate of ₦1,617/$1.

‎Similarly, in the official foreign exchange market, the naira strengthened to ₦1,590/$1 on Tuesday, compared to ₦1,601/$1 at the close of trading on Monday, based on historical exchange rate data.

‎Despite the modest gains, the persistent disparity between the official and black market rates highlights ongoing pressure on the forex market, fueled by limited dollar supply and speculative demand.‎