Naira Faces Continued Pressure in Black Market FX Trading

As of March 29, 2026, the Nigerian naira remains under significant pressure in the black market, trading at 1,405 naira per US dollar and 1,620 naira per euro. Despite a slight recovery, the currency's broader outlook remains fragile due to ongoing instability in the foreign exchange market, particularly in the parallel segment monitored by Aboki FX.

Forex dealers cite a scarcity of supply and strong demand for imports and travel as key factors contributing to the naira's struggles against major global currencies. The Central Bank of Nigeria (CBN) has been criticized for frequent shifts in forex regulations, creating uncertainty for businesses and investors.

This situation is compounded by Nigeria's heavy reliance on imports, insufficient export earnings, and slow foreign direct investment inflows, exacerbated by infrastructural gaps and insecurity. Analysts warn that while recent movements hint at temporary stabilization, a sustainable recovery will require structural adjustments and clearer policies to improve export performance and restore investor confidence.