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The Nigerian Naira fell sharply from N1,600 to N1,780 per dollar in the black market, reversing recent gains. Bureau de Change operators and digital platforms reported volatile rates, with speculators blamed for the decline. Analysts urge stronger policies to stabilize the forex market and address persistent economic challenges.

The Nigerian Naira suffered a sharp decline on Wednesday, falling from N1,600 to N1,780 per dollar in the black market, reversing the currency's recent brief gains. Bureau de Change operators confirmed buying rates at N1,720 and selling rates at N1,780. This marks the second consecutive drop since the introduction of the Enhanced Foreign Exchange Market System (EFEMS), with the currency losing N85 compared to Monday's rate of N1,580.

Market analysts attributed the depreciation to speculative activities driving up demand for foreign exchange. Rates exceeding N1,700/$1 indicate that last week's temporary recovery was unsustainable. Dealers quoted varied rates, with figures such as N1,715/$1 and N1,745/$1 reported. Digital platforms like Grey and Trove listed rates at N1,728/$1 and N1,736/$1, reflecting widespread volatility.

The consistent decline has sparked concerns over the effectiveness of measures introduced to stabilize the currency. Critics argue that speculative trading, coupled with weak policy enforcement, continues to undermine efforts to curb the Naira’s free fall.

Amid rising pressures, economic experts are urging the government to address structural issues within the forex market and implement stricter controls to deter speculative practices. The Naira's performance remains a critical indicator of Nigeria's broader economic health, with its depreciation posing challenges for importers, businesses, and households reliant on foreign exchange.