The Naira has depreciated to N1,650 per US dollar in the parallel market, continuing its downward trend. While the official market shows a slight improvement to N1,537 per dollar, the gap between the two markets widens, posing challenges for Nigeria's currency stability as analysts forecast future exchange rate movements.
On December 25, 2024, the Nigerian Naira continued its decline in the parallel market, reaching N1,650 per US dollar, a slight drop from the previous rate of N1,648. This marks a continued weakening of the Naira against the dollar in informal trading.
Meanwhile, the official exchange market saw a marginal recovery as the Naira appreciated slightly to N1,537 per dollar, compared to N1,538 the day before. However, the difference between the official and parallel market rates remains substantial, highlighting the growing challenges in Nigeria's foreign exchange market.
Despite the ongoing volatility, some analysts suggest that the Naira could stabilize at around N1,550 to the dollar in early 2025, offering some hope for economic stability. However, it remains uncertain how the government will address the disparity and further regulate the currency market to ensure more stability in the months ahead.
