Naira Falls to ₦1,454/$1 as Festive Dollar Demand Rises, CBN, Traders Reveal New Rates
Nigeria’s naira weakened further against the US dollar, closing the week at ₦1,454/$1 in the official market as holiday-related spending triggered a surge in forex demand. Parallel market traders in Lagos also reported declines, with the dollar trading between ₦1,469.5 and ₦1,490.
Data from the CBN showed a steady week-long depreciation despite a slight increase in Nigeria’s foreign reserves to $45.04 billion, raising hopes for possible market intervention. Analysts attribute the pressure to importers, traders, and festive shoppers rapidly accumulating dollars.
Despite the setback, experts say improved liquidity, rising reserves, and potential remittance inflows could help stabilize the naira as December progresses.
Nigeria’s naira weakened further against the US dollar, closing the week at ₦1,454/$1 in the official market as holiday-related spending triggered a surge in forex demand. Parallel market traders in Lagos also reported declines, with the dollar trading between ₦1,469.5 and ₦1,490.
Data from the CBN showed a steady week-long depreciation despite a slight increase in Nigeria’s foreign reserves to $45.04 billion, raising hopes for possible market intervention. Analysts attribute the pressure to importers, traders, and festive shoppers rapidly accumulating dollars.
Despite the setback, experts say improved liquidity, rising reserves, and potential remittance inflows could help stabilize the naira as December progresses.
Naira Falls to ₦1,454/$1 as Festive Dollar Demand Rises, CBN, Traders Reveal New Rates
Nigeria’s naira weakened further against the US dollar, closing the week at ₦1,454/$1 in the official market as holiday-related spending triggered a surge in forex demand. Parallel market traders in Lagos also reported declines, with the dollar trading between ₦1,469.5 and ₦1,490.
Data from the CBN showed a steady week-long depreciation despite a slight increase in Nigeria’s foreign reserves to $45.04 billion, raising hopes for possible market intervention. Analysts attribute the pressure to importers, traders, and festive shoppers rapidly accumulating dollars.
Despite the setback, experts say improved liquidity, rising reserves, and potential remittance inflows could help stabilize the naira as December progresses.
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