Naira Positive aspects N10.33 Towards Greenback in Black Market
The Nigerian Naira remained regular in opposition to the US greenback on Tuesday, July 8, in each the official and parallel markets, reflecting persistent stress and volatility within the nation’s overseas trade atmosphere.
Within the black market, foreign money sellers in Abuja instructed Financial Confidential that the naira exchanged at ₦1,540/$1 for purchasing and ₦1,550/$1 for promoting— an appreciation unchanged from Monday’s ₦1,560/$1 closing fee.
Equally, on the official Nigerian Overseas Change Market (NAFEM) window, the naira additionally retain it’s power closing at ₦1,528/$1 on Tuesday, similar fee exchanged on Monday.
The widening disparity between the official and parallel market charges underscores the continuing challenges in Nigeria’s foreign exchange system. These embrace persistent greenback shortage, speculative buying and selling, and uncertainty surrounding the implementation of financial coverage reforms.
Market watchers say that until these structural points are addressed, the naira might stay beneath stress regardless of coverage efforts by the Central Financial institution of Nigeria to stabilize the foreign money.
