Naira Slides to ₦1,630/$ in Black Market Amid Continued Volatility
The naira depreciated further against the US dollar on Thursday, dropping by ₦20.02 to exchange at ₦1,630/$ in the parallel market, down from ₦1,610/$ on Wednesday.
A currency trader at the Abuja black market told Economic Confidential that as of today, May 8, the naira was being bought at ₦1,620 and sold at ₦1,630 per dollar, marking a significant decline from the previous day’s rate of ₦1,610.
“The market is still very volatile, and we are seeing frequent fluctuations in rates,” the source added.
At the official window, data from the Central Bank of Nigeria (CBN) indicated a marginal depreciation, with the naira closing at ₦1,606.64/$ on Tuesday, slightly down from ₦1,605.62/$ on Monday.
Meanwhile, the black market had held relatively steady earlier in the week, maintaining a rate of ₦1,610/$ on both Monday and Tuesday before the recent decline.
The persistent gap between the official and parallel market rates continues to reflect underlying pressures in the foreign exchange market, driven by limited dollar supply and speculative demand.
