Naira weakens across FX markets as dollar shortage lingers

Nigeria’s Naira weakened across official and unofficial markets as dollar shortages linger on Tuesday and Wednesday on the foreign exchange (FX) market.

On Wednesday, Naira fell to N1,150 per dollar, losing 0.43 per cent over N1,145/$1 on Tuesday at the parallel market, also known as the black market.

Some street traders bought dollars at N1,145 and sold at N1,150. “There is dollar, but demand is high”, said aboki, a foreign currency trader based in Lagos.

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At the Autonomous Foreign Exchange Market (NAFEM), Nigeria’s official FX market, the naira depreciated by 10.78 percent as the dollar was quoted at N830.97 on Tuesday as against N750.14 quoted on the previous day, data from the FMDQ indicated.

Currency dealers quoted dollars as high as N1,121 on the spot segment and as low as N600 per dollar.

The daily foreign exchange market turnover declined 30.71 percent to $122.46 million on Tuesday from $176.75 million recorded on Monday.

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.