Naira wobbles across FX markets as black market rate hits N1,585/$

Nigeria’s local currency, the naira, showed mixed signals across different foreign exchange markets on Tuesday, July 1, 2025, amid mounting concerns over currency stability and market liquidity.

At the parallel market, commonly referred to as the black market, the naira weakened significantly, sliding to ₦1,585 per US dollar, down from ₦1,570 recorded on Monday. This marks a sharp ₦15 depreciation in just one day, reflecting ongoing pressure on dollar supply and rising demand.

In contrast, the naira recorded a modest gain at the official Nigerian Foreign Exchange Market (NFEM). According to data from the Central Bank of Nigeria (CBN), the official rate strengthened to ₦1,527/$, improving slightly from Monday’s rate of ₦1,532/$.

The contrasting movement has led to a widening gap between the official and parallel market rates. As of Tuesday, the exchange rate spread hit ₦58 per dollar, up from ₦38 the previous day—raising fresh concerns over the country’s foreign exchange framework and market confidence.