Nigeria news reveals a significant depreciation of the Nigerian Naira against the US dollar in the official foreign exchange market, dropping by N18.96 in a week as per Central Bank of Nigeria data. The exchange rate fell to N1,536.89 per dollar by March 21, 2025, reflecting ongoing challenges in Nigeria’s forex landscape Source.
Interestingly, Abuja news notes a contrasting trend in the parallel market, where the Naira witnessed a modest rebound, appreciating by N10 to N1,580 against the dollar. Experts blame the persistent volatility on factors like foreign exchange supply constraints and speculative activities, crucial elements affecting the local economy.
- The official market records a significant Naira depreciation.
- The black market shows a slight appreciation of the Naira.
- Forex market volatility is linked to supply constraints and speculation.
This forex trend in Nigeria indicates potential economic hurdles that could impact both consumers and businesses. How do you think these currency fluctuations will affect everyday life in Nigeria? Share your thoughts!
