The naira has fallen to its lowest point this year — ₦1,625 on the unofficial market — with forecasts suggesting things might get worse.
- Naira traded at ₦1,625/$ on parallel market; ₦1,608/$ officially
- CBN reforms haven’t stopped consistent depreciation over 4 days
- Demand for dollars is surging from importers and companies
- Futures market signals worse ahead: ₦2,056/$ in 12 months
- Dollar index at month-high as global risk appetite favours USD
The naira’s sharp fall is worrying — not just for financial markets, but for everyday Nigerians who rely on imports for basics like fuel, food, and medicine. The currency is under pressure from rising demand, slow supply, and global dollar strength, fuelled by US trade optimism and strong Fed signals. While reforms are ongoing, confidence remains low, and forward contracts hint that this could just be the beginning of a deeper slide.
Will CBN interventions stabilise the naira, or are harder days ahead for consumers and businesses? Let us know how this affects you.
