Naira Gains Against Dollar in Black Market, NAFEM, Sept 1 

The naira appreciated against the US dollar on Monday, September 1, recording a marginal gain in both the parallel and official foreign exchange markets.

Currency traders in Abuja told Economic Confidential that the naira exchanged at ₦1,530/$1 for buying and ₦1,540/$1 for selling, compared to Friday’s close of ₦1,550/$1, representing a ₦10.33 appreciation.

Similarly, at the Nigerian Foreign Exchange Market (NAFEM), the naira retained its strength on Monday at ₦1,531/$1, unchanged from Friday’s closing rate.

Despite the modest rebound at the official window, the widening spread between official and parallel rates underscores sustained pressure in Nigeria’s foreign exchange market, fueled by dollar scarcity, speculative demand, and uncertainty over the Central Bank’s policy direction.

Analysts caution that without deeper structural reforms, the local currency may remain under strain despite ongoing interventions aimed at restoring investor confidence and stabilising the market.