Naira gains again at official market as black market rate weakens

|By Adejumo Adekunle

…Currency records second consecutive win at official FX window
…Parallel market loses ground despite CBN efforts

The naira extended its recovery streak against the dollar at the official foreign exchange market on Tuesday, appreciating to N1,533.18/$1, up from N1,534.21/$1 recorded on Monday.

This marks a gain of N1.03 in a single day and reinforces a two-day upward trend at the official FX window.

However, the story was different in the parallel market, where the naira fell to N1,545/$1, down from N1,537/$1 the previous day. This contrast highlights the continued divergence between the official and black market rates, despite the Central Bank of Nigeria’s ongoing interventions to unify the exchange rates.

On Monday, the naira had similarly shown mixed performance—closing with marginal gains at the official market while slipping further in the parallel segment.

Analysts suggest that the naira’s continued appreciation at the official window may be linked to increased forex inflows from exporters and remittances. However, they warn that persistent volatility at the parallel market reflects speculative trading and pressure from unmet forex demands.

As Nigeria navigates efforts to stabilize its currency and attract foreign investments, the gap between the official and black market rates remains a key indicator to watch.