Naira Slips Further Against Dollar in Parallel Market Amid Soaring Demand
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| Naira Slips Further Against Dollar in Parallel Market Amid Soaring Demand |
The Nigerian naira continued its downward trend against the U.S. dollar in the parallel market, closing the week with another drop in value.
Currency dealers at the popular Wuse Zone 4 market in Abuja reported a new exchange rate of N1,628 per dollar on Friday, compared to N1,623 on Thursday. According to Bureau De Change operator, Abubakar Alhasan, increased demand for dollars is driving the price hike.
“We’re buying at N1,624 and selling between N1,628 and N1,630, depending on the volume and urgency,” Alhasan told DAILY POST.
This represents a daily loss of N5 for the naira, marking the fourth straight day of depreciation in the black market since Monday, May 26, 2025.
However, the official exchange rate held steady at N1,586.15 per dollar on Friday, maintaining the same level as the previous day, according to data from the official window.
A review of the week’s trading activity reveals a clear weakening of the naira. It depreciated by N13 in the parallel market and by N5.17 in the official market on a week-on-week basis.
In a related development, the African Development Bank’s 2025 economic forecast projects a 6% depreciation for the naira and other African currencies this year, attributing the outlook to macroeconomic pressures across the continent.
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