The naira fell to N1,586/$1 in the official market, snapping its post-MPC recovery. With holiday travel and tuition deadlines approaching, forex demand is rising fast.
- Official rate dropped from N1,583/$1 to N1,586/$1
- The parallel market slightly strengthened to N1,620/$1
- CBN governor cites $23bn in reserves as a buffer
- Key interest rates held steady after the last MPC meeting
- Rising demand for dollars linked to Hajj, school fees, and summer travel
The CBN has been talking tough, but the markets remain sensitive. This week’s dip reminds us that even small shifts in sentiment—or seasonal habits like sending kids abroad—can shake fragile gains. Families needing dollars right now are likely feeling the pinch, and traders are already pricing in future pressure. The naira isn’t collapsing, but it’s walking a tightrope.
With demand rising and confidence still shaky, is this just a wobble — or the start of a wider slide?
