NEWS

Naira Falls to ₦1,620/$ in Parallel Market Despite Official Market Gains

Published

3 months ago

June 4, 2025

The naira has weakened to ₦1,620 per dollar in the parallel market, dropping from ₦1,610 the previous day. This decline reflects sustained pressure on Nigeria’s foreign exchange reserves and rising demand for dollars in the informal market.

Meanwhile, the naira showed slight improvement in the official Nigerian Foreign Exchange Market (NFEM), appreciating to ₦1,579/$ from ₦1,580/$. The widening gap between both markets now stands at ₦41, up from ₦30 the day before.

Analysts attribute the continued depreciation in the black market to limited dollar supply, strong demand from importers and travelers, and ongoing investor concerns over Nigeria’s economic direction.

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WALE BUSARI

Hi, I’m Babawale Busari — a passionate storyteller, content creator, and observer of the world around me. I share compelling stories, current events, digital trends, and insightful commentary that spark thought and conversation. Whether it’s news, culture, tech, or everyday experiences, I believe every detail matters. Thanks for stopping by — let's explore the world, one post at a time.