What’s Happening
Black-market rate: Traders are buying USD for ₦1,590 and selling at ₦1,600 per dollar as of June 13, 2025, marking a ₦10+ improvement from earlier this week.
Official rate: At the same time, the naira sits around ₦1,556–1,560 per dollar on official windows (NAFEM), indicating a spread of ~₦40 between official and black-market rates.
Reasons Behind the Volatility
Oil price boost: Crude approaching $70/barrel is strengthening forex inflows, lifting the naira slightly.
Supply and demand: Limited dollar supply for imports and corporate needs keeps black-market rates elevated.
Economic factors: Geopolitical tensions and global market trends also affect liquidity and sentiment.
On the Ground: What You Can See
Local footage shows traders counting large bundles of naira while buyers peer over for rates—highlighting the bustling yet informal currency hubs across Lagos and Abuja.
Here’s a recent video coverage of the black-market rally:
