Naira Under Pressure: Black Market Hits ₦1,595 as CBN Maintains Official Rate at ₦1,549

On June 26, 2025, Nigeria’s currency market witnessed a sharp divide between the official and parallel rates. The black market surged to ₦1,595 per US dollar, while the Central Bank of Nigeria kept its official rate at ₦1,549. This growing gap reflects the pressure on the naira, fueled by rising demand for foreign exchange and persistent supply constraints. Importers and businesses are grappling with higher costs, while ordinary Nigerians feel the impact of a weaker currency as prices of goods and services continue to rise. The situation has sparked fresh concerns about the effectiveness of the CBN’s policies in achieving currency stability. Market watchers and businesses alike are hopeful that new measures will emerge to restore balance and ease pressure on the naira in the coming weeks.