Naira Falls to ₦1,565 in Parallel Market

As of August 1, 2025, the Nigerian naira has depreciated to ₦1,565 per US dollar in the parallel market, down from ₦1,540 on July 30. 

Simultaneously, the official exchange rate in the Nigerian Foreign Exchange Market (NFEM) also declined to ₦1,534 per dollar from ₦1,537, marking a ₦3 drop. 

This development has widened the margin between the parallel and official rates to ₦31, compared to ₦13 the previous day.

This continued depreciation of the naira in both markets reflects ongoing economic challenges, including inflationary pressures and reduced foreign exchange inflows. 

The widening gap between the parallel and official exchange rates may indicate increased demand for foreign currency in the informal market, possibly due to limited access to dollars through official channels.

For businesses and individuals relying on foreign currency transactions, this trend underscores the importance of monitoring exchange rate movements closely and considering strategies to mitigate potential risks associated with currency fluctuations.