The naira fell to N1,548.89 per dollar at the official exchange market on January 13, marking a N5.86 drop from the previous rate. The black market recorded a slight depreciation to N1,667 per dollar. The naira’s decline highlights Nigeria’s ongoing forex challenges and its impact on businesses and citizens.
The naira continued its downward trajectory against the dollar on Monday, January 13, recording a sharp decline in value across official and parallel markets. The naira depreciated to N1,548.89 per dollar at the official exchange market, marking a N5.86 drop from the N1,543.03 rate recorded the previous Friday.
Meanwhile, in the black market, the naira also weakened slightly, closing at N1,667 per dollar compared to N1,665 earlier. Despite the fluctuations, the currency demonstrated relative stability throughout the trading session, ranging between N1,545 and N1,660 in the official and parallel markets.
The situation has sparked concerns among businesses and individuals relying on foreign exchange for imports, tuition, and medical bills, as the weakening naira continues to raise costs and reduce purchasing power. Observers urge the government and the Central Bank of Nigeria to implement measures that could stabilize the currency and restore confidence in the financial markets.
