Naira-and-Dollars (2) (1).webp
The naira continues its downward slide, closing at ₦1608.60 to the dollar as high demand meets low forex supply.
  • Naira weakened by over ₦3 since Friday, now at ₦1608.60/$
  • Intraday peak reached ₦1615 before a slight recovery
  • Parallel market also hit ₦1610, up from ₦1605
  • Analysts blame rising demand, limited supply, and weak inflows
  • Exporters remain the main source of FX

The naira’s continued slide shows no sign of slowing, with both official and parallel markets feeling the pinch. For everyday Nigerians, this means higher prices on imports, more expensive school fees, and even costlier tech gadgets. Analysts point to a mix of high forex demand and limited supply, as exporters struggle to meet the pressure. Until flows improve or demand eases, the local currency will likely remain under stress.

With the naira nearing ₦1620 in intraday trades, all eyes are now on the CBN — can anything stop the slide?