HomeNewsNaira Falls to N1,620/$ in Black Market, Gains Slightly to N1,579/$ Officially

Naira Falls to N1,620/$ in Black Market, Gains Slightly to N1,579/$ Officially

Naira hits N1,620 per dollar in black market while gaining to N1,579 at official rate, widening the gap to N41.

June 4, 2025

The naira weakened further on Tuesday, exchanging at N1,620 per dollar in the parallel market, up from N1,610 on Monday. Meanwhile, the official Nigerian Foreign Exchange Market (NFEM) recorded a slight improvement in the local currency’s value. According to data from the Central Bank of Nigeria (CBN), the naira appreciated to N1,579 per dollar, a one-naira gain from Monday’s N1,580 rate. This movement caused the exchange rate gap between the parallel market and the official window to widen from N30 to N41 per dollar in just 24 hours.