The naira closed at N1,378.43 per dollar at the official market and fell further in the black marketInterbank foreign exchange turnover fell sharply by more than 62% to $78.71 million, as the CBN withheld fresh dollar interventionAnalysts have provided insight into the depreciation of the naira despite rising FX reserves
The naira is facing renewed pressure in the Nigerian forex market, especially in the parallel market, also known as the black market.
For the first time in weeks, the naira is now trading at the black market above N1,400 per dollar, closing on Thursday, July 9, at N1,425.
The parallel market rate represents a roughly N46 premium over the official rate, a divergence that reverses the near-convergence Nigeria achieved earlier in 2026 when the naira briefly traded around N1,370 to the dollar in February.
The naira has so far depreciated by about 3.9%.
The official exchange rate remains stable, but the parallel market tells
