Naira slides against dollar at parallel market despite slight gains in official window

Nigeria’s currency, the naira, faced mixed outcomes in the foreign exchange markets on Tuesday, June 3, 2025, as it depreciated to ₦1,620 per dollar in the parallel (black) market, down from ₦1,610/$ recorded the previous day.

However, in the official Nigerian Foreign Exchange Market (NFEM), the naira appreciated slightly, strengthening to ₦1,579 per dollar from ₦1,580/$ on Monday, marking a ₦1 gain, according to data from the Central Bank of Nigeria (CBN).

The contrasting trends widened the gap between the parallel and official market rates to ₦41, compared to ₦30 on Monday. This growing disparity raises concerns over FX market stability and the sustainability of current monetary policies.