The Naira dipped against the Dollar at the official and parallel foreign exchange market hours to the new year.
According to data from FMDQ, the Nigerian currency lost N4.55 after closing at N1,538.55 per Dollar on Monday from N1,534 traded on Friday, losing N4.55.
The same loss was recorded in the parallel market as the Naira depreciated to N1,662 per dollar on Monday from N1,660 traded the previous day, losing N2.00.
Still on the Naira, a recent report from Afrinvest titled titled “Beyond The Rhetorics: Transforming Reforms to Tangibles”, projected that the Nigerian currency may drop to N1804 in 2025.
Afrinvest’s analysis indicates that the CBN may struggle to maintain market demand for forex due to a dependence on inflows from inorganic sources, many of which come with stringent conditions that limit their usability.
The Centre for the Promotion of Private Enterprise also reported that Nigeria’s inflation rate reached 34.60 percent in November but is expected to ease in the coming year.
