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Business
Naira Plummets Past N1,500: Official and Black Market Rates Signal Growing Exchange Rate Tension
- Cedric Malan
- Jun 4, 2025
The naira’s official rate has jumped to ₦1,581.58 per dollar, with black market rates soaring past ₦1,615. The widening gulf between official and parallel markets reflects deepening foreign exchange struggles for Nigeria, driven by liquidity shortages, speculative trading, and economic uncertainty.