Naira Sees Further Depreciation, Now Trading at N1,375/$ in Parallel Market

The Nigerian Naira has experienced another setback, depreciating to N1,375 per dollar in the parallel market as of today, a decline from N1,370 recorded on Wednesday. This latest development underscores the ongoing volatility in Nigeria's currency exchange landscape, which has seen significant fluctuations in recent months.

According to data released by the Central Bank of Nigeria (CBN), the Naira also fell to N1,331 per dollar in the Nigerian Foreign Exchange Market (NFEM), a slight increase from N1,329.56 per dollar previously. This indicates a depreciation of N1.44 for the local currency, compounding the challenges faced by businesses and consumers alike.

The widening gap between the parallel and official market rates has now reached N44 per dollar, up from N40.44 per dollar on Wednesday. This divergence raises concerns about the stability of the Naira and the broader implications for the Nigerian economy, particularly in light of rising inflation and increasing cost of living.

“The continuous depreciation of the Naira reflects deeper structural issues within the economy and calls for immediate policy interventions to stabilize the currency,” said an economic analyst.

As the government and the CBN grapple with these challenges, stakeholders are urging for a comprehensive approach to address the underlying factors contributing to the Naira's decline, emphasizing the need for sustainable fiscal and monetary policies to restore confidence in the currency.