The naira appreciated by ₦5.33 towards the US greenback throughout each the official and parallel markets on Saturday, Might 31, reflecting ongoing volatility in Nigeria’s overseas trade setting.
Within the black market, merchants in Abuja advised Financial Confidential that the naira exchanged at ₦1,620/$1 for getting and ₦1,625/$1 for promoting—marking a ₦5.33 acquire from Friday’s price of ₦1,630/$1.
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Equally, on the official trade window, the native foreign money recorded a modest appreciation, closing at ₦1,589/$1 on Saturday, in comparison with ₦1,595/$1 on Friday, primarily based on historic buying and selling knowledge.
Additional knowledge from the Central Financial institution of Nigeria (CBN) confirmed the naira skilled slight fluctuations over the week: ₦1,583.73 on Monday, ₦1,579.40 on Tuesday, ₦1,590.74 on Wednesday, and ₦1,586.15/$1 by Friday’s shut.
Regardless of these beneficial properties, the widening hole between the official and parallel market charges continues to replicate persistent stress on Nigeria’s foreign exchange system—fueled by greenback shortage and speculative buying and selling actions.
