Naira Stable at ₦1,630/$ in Black Market Amid Lingering Forex Pressures

‎The naira remained stable on Wednesday in the parallel foreign exchange market, maintaining the same rate recorded at the close of trading on Tuesday.

‎A source at the Abuja black market told Economic Confidential that as of May 14, the naira was trading at ₦1,615 per dollar for buying and ₦1,630 per dollar for selling—unchanged from Friday’s levels.

‎Meanwhile, the naira appreciated by ₦5.72 in the official foreign exchange (FX) markets after trading on Monday.

‎The dollar was quoted at ₦1,600.43, reflecting a 0.4 percent gain compared to ₦1,606.15 recorded on Friday at the Nigerian Foreign Exchange Market (NFEM), according to data from the Central Bank of Nigeria (CBN).

‎The appreciation was supported by steady inflows, with non-bank financial institutions and exporters accounting for 62.44 percent of total FX supply.

‎Despite this, the persistent gap between the official and parallel market rates highlights ongoing pressure on the foreign exchange system, fueled by limited dollar supply and speculative demand.