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

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.