The Nigerian naira weakened to N1,500/$1 in the parallel market on Friday, down from N1,495/$1 on Thursday, driven by rising dollar demand, falling reserves, and speculation.
Key Trends
° Weekly Range: N1,480–N1,502/$1
° CBN Rate: N1,496/$1 (Thursday)
° CBN Reserves: Dropped $41.57M (Monday–Wednesday)
Market Reactions
“Stabilizing the exchange rate should be a higher priority than adjusting interest rates,” – Samson Esemuede, CIO at Zrosk Investment Management.
Despite $8B spent on stabilization, the government struggles to curb volatility, with analysts calling for stronger policies and increased dollar liquidity.
Discover more from DiutoCoinNews
Subscribe to get the latest posts sent to your email.
