The naira has dropped to ₦1,615/$ in the parallel market, reigniting concerns about Nigeria’s forex stability and rising cost of living.
- The naira depreciated from ₦1,525 to ₦1,615 per dollar in one day.
- Supply shortfalls and speculative buying are fuelling the decline.
- The official market rate remains lower, but the gap is widening.
- Traders warn further devaluation may follow if FX inflow doesn't improve.
- Citizens brace for more price hikes in essentials like fuel and food.
For everyday Nigerians, this isn’t just about exchange rates — it’s about survival. A weaker naira means imports cost more, and that trickles down into nearly everything: fuel, bread, medicine. While the government eyes reforms, people are struggling to make ends meet. Unless inflows improve or CBN steps in decisively, the slide could continue — and so could the hardship.
Is it time to rethink Nigeria’s forex strategy — or is the naira heading for another freefall? Join the conversation.
