On Tuesday, the Nigerian naira exchanged hands at approximately ₦1,600 per US dollar in the unofficial, or “black”, foreign exchange market, according to reports from Nairametrics. Traders on this parallel market—outside the Central Bank’s official windows—were quoting rates hovering around this key threshold. Domestic demand for the dollar remains strong, exerting downward pressure on the naira, even as global dollar demand eases
This performance follows a period earlier in June when the naira lifted slightly below the ₦1,600 mark, trading in the ₦1,587–₦1,590 range during lower holiday volumes
Meanwhile, economist Bismarck Rewane of Financial Derivatives Limited projected that the naira is likely to remain within a ₦1,600–₦1,650 band in the near term, reflecting the ongoing stabilization of both official and parallel market rates within a tight margin of 1–3%
Market analysts attribute the naira’s relative stability—and occasional resilience—to recent foreign exchange policy reforms, greater liquidity, and reduced gap between official and grey market rates. However, the persistent scarcity of dollars and ample speculative demand continue to place significant strain on the local currency.
