Naira Depreciates to 1560/$ in Black Market 

The naira extended its decline against the US dollar on Thursday, August 14, marking a sustained fall in the parallel market since trading resumed on Monday.

Currency dealers in Abuja told Economic Confidential that high demand kept exchange rates under pressure. The currency traded at ₦1,550/$ for buying and ₦1,560/$ for selling, compared to Wednesday’s rate of ₦1,555/$.

In contrast, at the official Nigerian Foreign Exchange Market (NAFEM), the naira appreciated to ₦1,534/$, up from Tuesday’s rate of ₦1,537/$.

The widening gap between official and parallel market rates underscores persistent challenges in Nigeria’s forex landscape, including dollar scarcity, speculative activity, and policy uncertainty. Analysts caution that without deep structural reforms, the naira will likely remain under pressure despite recent efforts to boost investor confidence and stabilize the market.