Naira Strengthens Again Against Dollar in Black Market

The Naira extended its gains against the US dollar on Tuesday, July 22, appreciating in the parallel market.

Currency dealers in Abuja told Economic Confidential that the Naira was exchanged at ₦1,515 per dollar for buying and ₦1,525 for selling, an improvement from Monday’s closing rate of ₦1,528 to the dollar.

At the official Nigerian Foreign Exchange Market (NAFEM), the local currency held relatively stable, closing at ₦1,530 per dollar on Tuesday representing a slight appreciation from Friday’s rate of ₦1,532.

Despite the rebound in the parallel market, the persistent gap between official and black-market rates highlights ongoing challenges in Nigeria’s forex ecosystem. These include dollar scarcity, speculative trading, and uncertainty over the Central Bank’s monetary policy direction.

Analysts warn that without deeper structural reforms, the Naira may continue to face pressure, despite recent policy efforts to restore investor confidence and stabilize the market.