Naira opens at N1,520 on black market

The foreign exchange (FX) market opened on Monday, with the naira exchanging with the dollar at N1,520 on the parallel market, also known as black market.

This represents 1.32 percent depreciation over the level of N1,500 exchanged on Friday on the parallel market.

The naira depreciation followed strong demand for dollars by travelers and importers, amid supply shortage, a trader said on Monday.

The local currency on Friday closed flat against the US dollar, ending the week marginally strong at the official foreign exchange market.

After trading on Friday, the naira gained slightly by 0.19 percent as the dollar was quoted at the rate of N1,482.81 compared to N1,485.66 quoted on Thursday at the Nigerian Autonomous Foreign Exchange Market (NAFEM), according to the data from the FMDQ Securities Exchange Limited.

The FX market summary released by the FMDQ showed that the intraday high closed at N1,519 per dollar, weaker than N1,510 quoted on Thursday. The intraday low closed flat at N1,400 on Friday as against N1,401 quoted on Thursday.

The local currency appreciated by 0.67 percent against the dollar on the parallel market, also known as the black market. The naira was quoted at N1,500 on Friday as against N1,510/$1 quoted on Thursday.

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.