Naira Gains Against Dollar in Official, Black Market

Naira Gains Against Dollar in Official, Black Market
‎The Nigerian Naira continued its appreciated against the US dollar on Wednesday, June 2, in both the official and parallel markets, reflecting persistent pressure and volatility in the country’s foreign exchange environment.

‎In the black market, currency dealers in Abuja told Economic Confidential that the naira exchanged at ₦1,550/$1 for buying and ₦1,558/$1 for selling— an appreciation from Monday’s ₦1,560/$1 closing rate.

In contrast, ‎at the official Nigerian Foreign Exchange Market (NAFEM) window, the naira appreciated marginally slightly closing at ₦1,529/$1 on Wednesday, an appreciation from previous day rate of ₦1,530/$1.

‎The widening disparity between the official and parallel market rates underscores the ongoing challenges in Nigeria’s forex system. These include persistent dollar scarcity, speculative trading, and uncertainty surrounding the implementation of monetary policy reforms.

‎Market watchers say that unless these structural issues are addressed, the naira may remain under pressure despite policy efforts by the Central Bank of Nigeria to stabilize the currency.