In a notable shift, the Naira has gained N15 against the dollar at the parallel foreign exchange market over the past five days.
A detailed analysis of this week’s FX data reveals that the Naira strengthened consistently at the black market on Wednesday, Thursday, and Friday, closing at N1,565 per dollar—up from N1,580 on Monday.
In contrast, the official market tells a different story, as the Naira slipped slightly against the dollar, stabilising at N1,507.80, as reported by the Central Bank of Nigeria’s Thursday data.
It’s worth noting that Friday’s figures are still awaited on the CBN website, leaving investors and analysts keenly anticipating the latest updates. This fluctuation underscores a volatile atmosphere where the Naira has experienced both gains and losses across the country’s foreign exchange markets.
Highlighting the potential impact of exchange rates on inflation, Benson Idahosa, President of the Lagos Chamber of Commerce and Industry, remarked that an exchange rate of N1,300 per dollar could significantly lower Nigeria’s inflation rate.
Looking ahead, the Central Bank of Nigeria is set to unveil fresh monetary policies during its 299th Monetary Policy Committee meeting scheduled for February 19 and 20, 2025, leaving many to speculate on the implications for the nation’s economy.
