Here’s how dollar traded at parallel market Monday

Naira on Monday firmed marginally against the dollar, gaining N1.00/$1 as demand moderated at the parallel market, also known as black market.

During the intra-day session on Monday, the dollar was quoted at an average rate of N771 (between N767 and N775) as against N772 quoted on Friday.

Black market operators said on Monday that demand has moderated as the rate at the official market almost converges with the parallel market.

As the foreign exchange (FX) market react to the latest development that has played out in the month of June, the Naira depreciated by N3 or 0.39 percent week-on-week (w/w) to N773/$1 from N770/$1 at the parallel market as FX market and traders continue reacting to the forces of demand and supply, according to a report by Cowry Asset Management Limited.

Also, at the investors’ and exporters’ (I$E) FX window, the Naira edged the United States’ dollar as more funds inflow hit the system with a gain in the naira N0.92 or 0.12 percent w/w to close at N769.25/$1 from N770.17/$1 in the last week. This comes as traders continue to position themselves in a bid to ascertain the fair value of the naira.

Also, following the latest development in the FX market, the Naira at the forward contracts market weakened across all forward contracts against the dollar for another week except for the 12-months forward contract which gained against the dollar by 5bps to close at N878.26/$1.

The report noted that the Bonny Light crude price took a reversal by 2.20 percent or ($1.65) w/w, to close at $73.45 per barrel on Wednesday from $75.10 per barrel in the previous week.

Hope Moses-Ashike

Hope Moses-Ashike is an Associate Editor, Banking and Finance, with more than a decade of experience reporting on Nigeria’s financial system and broader economy. She closely tracks market movements, monetary policy decisions, company disclosures, regulatory actions, economic indicators, and global developments, and interprets what they mean for businesses, investors, policymakers, and households. Her reporting helps readers understand complex issues such as inflation trends, foreign exchange market dynamics, interest rate decisions, bank performance, and investment risks. She also covers major international events and periodically travels to Washington, D.C., to report on the World Bank/IMF Spring and Annual Meetings. Her dedication to financial journalism has earned her multiple recognitions and invitations to high-level professional development programmes. She is an alumna of the International Visitors Leadership Programme (IVLP) in the United States and holds an Advanced Financial Journalism Certificate from the Press Association Training in London, UK. Her other notable achievements include completing the Lagos Business School CMC Programme, the Bloomberg Media Africa Initiative Programme, and a Master Class in Journalism at Rhodes University in South Africa.