Business
Naira slips in parallel market, gains slightly at official window
Nigeria’s local currency, the naira, recorded mixed performance across foreign exchange markets on Tuesday, July 1, 2025.
At the parallel market, also known as the black market, the naira weakened to ₦1,585 per dollar, slipping from ₦1,570 per dollar recorded on Monday. This represents a ₦15 depreciation in just one day.
However, in contrast, the naira showed a slight improvement in the Nigerian Foreign Exchange Market (NFEM). According to data from the Central Bank of Nigeria (CBN), the official exchange rate strengthened to ₦1,527 per dollar, up from ₦1,532 per dollar on Monday — a modest gain of ₦5.
This development has widened the gap between the parallel and official markets. The spread rose to ₦58 per dollar on Tuesday, compared to ₦38 per dollar just a day earlier, raising fresh concerns over exchange rate volatility.
Analysts say the persistent divergence between the official and unofficial rates continues to reflect liquidity challenges and demand pressure in the foreign exchange market.
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