The Nigerian naira made a good start to the week by gaining some strength against the US dollar in the black market on Monday, June 23.

Currency dealers around Ikeja in Lagos shared that by the end of the day, the dollar was selling at ₦1,590. This is an improvement of ₦10 compared to the rate of ₦1,600 that was recorded the previous Friday. The black market continues to be the main source of foreign exchange for many Nigerians, especially with limited access to dollars through official banks.

However, at the official exchange window, the naira did not perform as well. Based on information from the FMDQ Exchange platform, the naira slightly weakened, falling from ₦1,547.36 last Friday to ₦1,548.52 on Monday. This means it lost about ₦1.16 in value.

Interestingly, last Friday saw a rise in the naira’s value in the official market, while the black market remained unchanged. But Monday’s activities show that things have shifted, possibly due to new efforts to reduce the demand for dollars or to bring more forex into the unofficial market.

Experts are still paying close attention to the difference between the official and black market rates. This ongoing gap is a major issue for Nigeria’s overall foreign exchange balance and economic stability.