Nigeria Nigerian Naira Falls to N1,165/$ at Parallel Market, Sparking Economic Concerns

The Nigerian naira faced further depreciation, reaching N1,165 per dollar in the parallel foreign exchange market on Thursday. This marks a 0.43 percent decrease compared to the N1,160 rate just two days earlier.

Currency traders, or Bureau De Change operators, quoted buying rates at N1,155 and selling rates at N1,165, with a profit margin of N10. The official market witnessed a 0.10 percent drop, closing at N832.32 to a dollar.

FMDQ Securities Exchange data revealed the naira's intraday high at N1,137 and its lowest point of the day at N700. Amidst this, the Central Bank of Nigeria directed banks to indefinitely accept both old and redesigned naira notes, following a supreme court ruling.

In response to economic challenges, the CBN, as indicated by the attorney-general of the federation, faces hurdles in printing the volume of new notes needed to phase out old currency notes by December 31. The ongoing currency fluctuations raise concerns about the broader economic implications and stability in Nigeria.