Naira Strengthens Against Dollar in Black Market, NAFEM on Sept 2

The naira gained marginally against the US dollar on Tuesday, September 2, appreciating in both the parallel market and the official Nigerian Foreign Exchange Market (NAFEM).

Currency traders in Abuja told Economic Confidential that the naira exchanged at ₦1,525/$1 for buying and ₦1,535/$1 for selling, compared to Monday’s close of ₦1,540/$1, reflecting a ₦5.33 appreciation.

Similarly, at NAFEM, the naira closed stronger at ₦1,526/$1, up from ₦1,531/$1 recorded the previous day.

However, analysts note that despite the modest rebound, the widening gap between official and parallel market rates highlights sustained pressure on Nigeria’s foreign exchange market. Dollar scarcity, speculative demand, and uncertainty surrounding the Central Bank’s policy direction continue to fuel volatility.

They caution that without deeper structural reforms, the local currency may remain vulnerable, even as ongoing interventions aim to restore investor confidence and stabilise the market.