Despite the Central Bank of Nigeria (CBN) injecting $688.8 million into the official Nigerian Foreign Exchange Market (NFEM), the naira’s exchange rate against the US dollar declined to ₦1,629 yesterday.
This marks a ₦29 weakening from the ₦1,600 per dollar recorded last Friday.
The naira also lost value in the parallel market, falling to ₦1,570 per dollar from ₦1,565 over the weekend, further increasing the difference between the official and unofficial rates.
This recent depreciation aligns with a broader trend observed in March, where the naira fell by over 2% in both the official and parallel markets, as highlighted in reports from Afrinvest and AIICO Capital.
These reports point to sustained demand pressures as a key factor, and analysts predict continued exchange rate volatility influenced by both domestic market forces and global economic developments, such as potential US tariffs.
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