Business
FX: Naira Improves in Parallel Market, Faces Challenges in Official Market

- Naira gains momentum in parallel Market but dips in Black Market
- Naira was exchanged at ₦1,660 per dollar, showing an improvement from ₦1,667 per dollar.
- Representing a gain of 7Naira
The naira experienced an appreciation against the dollar in the parallel foreign exchange market on Tuesday.
Abubakar Alhasan, a Bureau de Change operator in Wuse Zone 4, Abuja, revealed to journalists that the naira was exchanged at ₦1,660 per dollar, showing an improvement from ₦1,667 per dollar recorded on Monday. This represents a gain of ₦7 against the dollar in the informal currency market.
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However, the official market painted a different picture as the naira depreciated further against the dollar. The closing exchange rate on Tuesday stood at ₦1,549.65 per dollar, compared to ₦1,548.89 on Monday. This marks a marginal drop in value for the naira within the formal trading sector.
The divergent trends between the parallel market and the official exchange market have persisted, reflecting the ongoing complexities in Nigeria’s foreign exchange landscape. While the parallel market witnessed a modest strengthening of the naira, the depreciation at the official window indicates continued pressure on the local currency.
Market analysts attribute the fluctuations to several factors, including demand and supply imbalances, speculative activities, and economic uncertainties. The foreign exchange market in Nigeria has faced significant challenges recently, influenced by limited dollar inflows, rising import bills, and a widening trade deficit.
Observers also note that the Central Bank of Nigeria (CBN) has been under pressure to stabilize the naira amidst inflationary pressures and growing concerns about Nigeria’s macroeconomic stability. The CBN’s measures, including interventions in the foreign exchange market and tightening monetary policies, have yielded mixed results.
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As the naira continues to grapple with volatility, stakeholders are calling for more sustainable strategies to address the underlying issues affecting the foreign exchange market. The government’s fiscal policies and external factors, such as global oil prices, remain critical to determining the naira’s trajectory in the coming weeks.
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