FX market opens at N1,135 per dollar on black market

The foreign exchange (FX) market opened on Thursday with the dollar trading at N1,135 on the parallel market, popularly called black market.

This was the same rate it closed on Wednesday. “We are still waiting and watching the direction of rate. The market is calm at the moment,” one of the black market operator’s said.

The naira depreciated against the dollar, losing 0.44 percent of its value on Wednesday on the parallel market.

The local currency exchanged with the dollar at the rate of N1,135 at the close of trading on Wednesday compared to N1,130 on Tuesday.

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On Tuesday, naira steadied at N1,130 per dollar after losing 1.8 percent from N1,110$1 on Friday.

The FX market closed on Wednesday with naira gaining 3.67 percent at the official market but weakened on the parallel market.

After trading on Wednesday the dollar was quoted at N818.99, which was stronger than N850.22 quoted on Tuesday at the Autonomous Foreign Exchange Market (NAFEM), data from the FMDQ indicated.

On Tuesday naira depreciated by 6.89 percent per dollar which was quoted at N850.22 from N795.41 on Monday.

The willing buyers and willing sellers quoted the dollar at a higher spot rate of N1,099 and a lower rate of N701/$1.

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.