The naira held steady against the US dollar at the parallel market on Wednesday, June 4, underscoring continued volatility in Nigeria’s foreign exchange landscape.
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Currency traders in Abuja told Economic Confidential that the naira exchanged at ₦1,605/$1 for buying and ₦1,612/$1 for selling—unchanged from Tuesday’s closing rates.
In contrast, at the official exchange window, the local currency saw a slight depreciation, closing at ₦1,583/$1 on Wednesday compared to ₦1,579/$1 the previous day, according to historical trading data.
The persistent disparity between official and parallel market rates continues to reflect underlying pressures in Nigeria’s forex market, driven by dollar scarcity and speculative trading.
