Naira Holds Firm Against Dollar in Black Market

Dollar Against Naira

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‎The naira remained stable against the US dollar in the parallel market on Monday.

‎A source at the Abuja black market told Economic Confidential that as of May 26, the naira traded at ₦1,610/$1 for buying and ₦1,617/$1 for selling—unchanged from Friday’s closing rate of ₦1,617/$1.

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‎At the official foreign exchange market, however, the naira depreciated to ₦1,601/$1 on Monday, compared to ₦1,583.50/$1 last Friday—marking a ₦18.32 drop within two days, according to historical exchange rate data.

‎The persistent gap between the official and parallel market rates underscores continued pressure on the foreign exchange market, driven by limited dollar supply and speculative demand.