Business Highlight

Naira hits new low, slumps to N1,665/$1 in parallel market despite official market gains

"However, in the official market, the Naira appreciated by 44 kobo, with the exchange rate falling to N1,534.56 per dollar from N1,535 per dollar last week Friday, according to data published by the Central Bank of Nigeria (CBN)"

Samuel AkpanJanuary 7, 20251 Mins read965

The Nigerian Naira on Monday depreciated to N1,665 per dollar in the parallel market, a slight drop from N1,660 per dollar last weekend.

However, in the official market, the Naira appreciated by 44 kobo, with the exchange rate falling to N1,534.56 per dollar from N1,535 per dollar last week Friday, according to data published by the Central Bank of Nigeria (CBN).

The appreciation in the official market was not enough to bridge the gap with the parallel market, as the margin between the two rates widened to N130.44 per dollar from N125 per dollar last weekend.

This discrepancy highlights the ongoing challenges in Nigeria’s foreign exchange market.

It’s worth noting that the Naira has struggled to maintain stability in recent times, with a 40.9% depreciation recorded in 2024.

The CBN has introduced various policies aimed at addressing forex challenges and stabilizing the Naira, but the currency remains one of the worst-performing in Sub-Saharan Africa.