Naira Falls Slightly to ₦1,610/$ in Parallel Market

Dollar Against Naira

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The naira depreciated slightly against the US dollar, losing ₦1.02 on a day-to-day basis to trade at ₦1,610 on Tuesday, compared to ₦1,606 on Monday.

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According to Aboki Forex data as of May 7, the naira was trading at ₦1,600/$ (buy) and ₦1,610/$ (sell), indicating a marginal drop from the previous day’s closing rate of ₦1,606/$ in the parallel market. Market conditions remained volatile.

Data from the Central Bank of Nigeria (CBN) also showed a minor depreciation in the official exchange rate, with the naira falling to ₦1,606.64 per dollar on Tuesday, down from ₦1,605.62 on Monday.

In the black market, the naira remained stable at ₦1,610/$ on Tuesday, maintaining the same rate as the previous day.