The naira appreciated against the US dollar in the parallel market on Monday, June 23, signaling a positive start to the trading week.
Bureau de Change operators in Ikeja, Lagos, as of the close of work on Monday, confirmed that the naira traded at ₦1,590 to the dollar—a ₦10 gain from the ₦1,600 rate recorded on Friday. This marks a notable strengthening of the local currency in the black market, where the bulk of foreign exchange transactions occur due to limited access at official channels.
In contrast, the official exchange rate showed a marginal decline. According to data from the FMDQ Exchange, the naira slightly depreciated to ₦1,548.52 per dollar on Monday, compared to ₦1,547.36 at the close of trading last week—a drop of ₦1.16.
Last Friday, the naira appreciated at the official market but remained flat in the parallel market. This reversal suggests renewed market activity and potential efforts to curb dollar demand or improve forex liquidity in unofficial channels.
Analysts are closely monitoring the disparity between official and parallel market rates, which remains a major concern for Nigeria’s foreign exchange stability.Travel packages