Naira Weakens Further Against Dollar

 

The naira has fallen to ₦1,650 per dollar in parallel markets, intensifying inflationary pressures and raising concerns about Nigeria’s foreign exchange reserves.  

Analysts warn that continued depreciation could worsen living costs, erode investor confidence, and deepen poverty levels. 

Import-dependent businesses are struggling to cope, while households face rising prices for food, fuel, and essential goods.  

The Central Bank has pledged to stabilize the currency through interventions, but structural challenges—such as reliance on imports and limited dollar inflows—remain major obstacles. 

Economists argue that boosting local production and diversifying exports are critical to reversing the trend.  

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