Naira Gains ₦1,484 Officially, Slips in Black Market on Sept 17

The naira extended its gains at the Nigerian Foreign Exchange Market (NAFEM) on Wednesday, September 17, appreciating by ₦13.33 against the dollar, while it recorded a marginal depreciation in the parallel market.

Currency dealers in Abuja told Economic Confidential that the naira traded at ₦1,530/$1 for buying and ₦1,540/$1 for selling in the black market, weakening slightly from Tuesday’s closing rate of ₦1,535/$1.

At the official window, the local currency closed stronger at ₦1,484/$1, compared to Tuesday’s ₦1,497/$1.

Analysts cautioned that the persistent gap between the official and parallel market rates underscores deep structural weaknesses in Nigeria’s forex market. They linked the volatility to dollar scarcity, speculative trading, and lingering uncertainty over the Central Bank of Nigeria’s policy direction.

They further warned that without deeper structural reforms, the naira’s recent recovery may prove fragile, leaving it vulnerable despite ongoing interventions aimed at restoring market stability and boosting investor confidence.