Naira Falls to N1,510/$ in Parallel Market, Gains Slightly in Official Trade

The Naira experienced a slight depreciation in the parallel market, trading at N1,510 per dollar, down from N1,505/$ over the weekend.

CBN Data Shows Naira Gains in Official Market

Despite the dip in the black market, the Nigerian Foreign Exchange Market (NFEM) saw a minor appreciation.

The Naira traded at N1,499 per dollar, up from N1,500/$ last Friday, according to data from the Central Bank of Nigeria (CBN).

This means the official market rate improved by N1, offering slight relief to traders and businesses that rely on forex transactions.

Gap Between Parallel & Official Rates Widens

The difference between the parallel market and official exchange rates has now expanded to N11 per dollar, compared to N5/$ last weekend.

This widening gap raises concerns about:

🔹 Forex stability and speculation in the black market

🔹 CBN’s ability to close the exchange rate disparity

🔹 The impact on import-dependent businesses and inflation

What’s Next for the Naira?

With fluctuating forex rates, all eyes are on the CBN’s monetary policies and upcoming interventions.

Many experts believe that boosting foreign reserves and improving dollar liquidity could help stabilize the exchange rate.

💬 What do you think? Will the Naira strengthen or weaken further? Drop your thoughts in the comments!

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