- Naira Appreciates Slightly: The Naira strengthened to N1,550.36 per dollar on Friday, gaining N4.9 from Thursday’s rate of N1,554.85 at the official market.
- Black Market Stability: Despite the official market gains, the Naira remained unchanged at N1,590 per dollar in the parallel market.
- Ongoing Volatility: Despite Friday’s improvement, the Naira has weakened by N33.12 at the official market over the past week, raising concerns about rising import costs and economic stability.
The Naira recorded its first appreciation against the dollar on Friday, breaking its depreciation streak at the official foreign exchange market this week.
The local currency strengthened to N1,550.36 per dollar on Friday, up from N1,554.85 exchanged on Thursday, marking a slight gain of N4.9 on a day-to-day basis.
- EDITOR’S PICK
- Salah, Mbappe, and Yamal: The Fierce Battle for 2025 Ballon d’Or
- Turkey-bound businessman excretes 120 wraps of cocaine at Kano airport
- Rep. Wale Raji Welcomes Muslim Constituents to Ramadan, Calls for Prayers for Leaders
However, at the black market, the Naira remained unchanged at N1,590 per dollar—the same rate as Thursday.
Despite Friday’s appreciation, the Naira experienced more depreciation overall during the week. Last week Friday, the Naira traded at N1,517.24 per dollar, meaning it has weakened by N33.12 at the official market in a week.
Similarly, the Naira dropped by N10 at the black market compared to N1,580 recorded last week Friday.
Market analysts attribute the Naira’s struggles to increased demand for the dollar, which has outpaced supply despite the Central Bank of Nigeria’s (CBN) recent interventions to stabilize the currency. Some experts also point to speculative trading and reduced foreign inflows as contributing factors to the persistent depreciation.
A financial expert, Olusegun Adewale, noted that while the slight appreciation is a positive sign, sustained gains would require stronger policy measures and increased dollar liquidity. “The CBN needs to maintain a balance between supply and demand while encouraging foreign investment to strengthen the Naira,” he added.
Meanwhile, there is growing concern among businesses and consumers as the weakening Naira continues to drive higher import costs, increasing the prices of goods and services. Many Nigerians are calling for urgent policy adjustments to curb the Naira’s volatility and stabilize the economy.
- FURTHER READING
- Tinubu: El-Rufai Is Pained And Frustrated – Shehu Sani
- Cable Vandal Electrocuted, Caught With Three Others in Ilara, Epe
- FG Appoints New VC for Admiralty University
The CBN has reiterated its commitment to addressing foreign exchange challenges, with recent moves aimed at tightening regulations and enhancing transparency in the FX market. However, market watchers suggest that long-term stability will depend on improving local production, reducing import dependence, and boosting investor confidence.
As the Naira fluctuates, both businesses and consumers remain on edge, hoping for sustainable measures that will restore stability to the currency and the broader Nigerian economy.
Click Here For Video of The Week
