The naira continues to weaken in the foreign exchange market, driven by ongoing FX liquidity shortages and rising demand for the US dollar. Data from the FMDQ platform shows that the naira depreciated by 0.06%, closing at ₦1,547.67 per dollar in the official market. This decline highlights the persistent pressure caused by limited FX supply in official channels.
Amid pessimism about the currency’s future performance, the naira finished at ₦1,660 per dollar on the parallel market, a ₦5 decline from earlier levels. According to analysts, transactions took place between ₦1,545 and ₦1,560, and they anticipate that the Central Bank of Nigeria would step in to keep the naira stable.
Projections by several analysts suggest a bearish outlook for the naira, with exchange rates potentially reaching between₦1,700 and₦1,800 per dollar by 2025. The FX spread—the difference between official and parallel market rates—stood at ₦113 per dollar, offering a significant margin for speculative trading activities.
As investors awaited important US inflation data that could impact future interest rate decisions, gold prices stayed relatively stable at about $2,663.29 per ounce. Meanwhile, oil prices fell after hitting a four-month high as markets considered the possible impact of new US sanctions on Russian oil exports to major importers like China and India. Brent crude traded at $80.57 per barrel, while WTI hovered at $78.58.
