‎Naira Holds Firm at ₦1,625/$ in Black Market

‎The naira held firm on Saturday in the parallel foreign exchange market, maintaining a stable rate similar to Friday’s close.

‎A source at the Abuja black market told Economic Confidential that as of May 10, the naira was trading at ₦1,620 per dollar for buying and ₦1,625 per dollar for selling, unchanged from Friday’s closing figures. Despite the relative stability, traders caution that market conditions remain volatile.

‎The sustained disparity between the official and parallel market rates underscores lingering pressures in the foreign exchange market, fueled by limited dollar supply and speculative demand.