The Nigerian naira recorded mixed fortunes across the official and parallel markets as heightened demand for the United States dollar continued to exert pressure on the local currency.
At the official foreign exchange window, the naira showed marginal stability, supported by periodic interventions and regulatory oversight by monetary authorities. However, in the parallel market, the currency weakened as demand for dollars surged among importers, businesses, and individuals seeking foreign exchange for travel and offshore transactions.
Market analysts attribute the pressure to persistent dollar scarcity, increased import dependency, and speculative demand. The situation has been further compounded by reduced foreign inflows and cautious investor sentiment.
Traders reported that many businesses are struggling to access dollars through official channels, forcing them to rely on the black market where rates remain volatile. Economists warn that prolonged pressure could affect inflation, consumer prices, and business confidence if not addressed through sustained policy measures.
The Central Bank continues to assure the public of efforts to stabilise the market through reforms, improved transparency, and increased liquidity. Stakeholders are urging long term solutions that boost exports and attract foreign investment to strengthen the naira sustainably.
