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Naira Plummets Past N1,500: Official and Black Market Rates Signal Growing Exchange Rate Tension
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.

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