Nigeria’s financial landscape continues to reel under intense exchange rate volatility as the naira plummets further in the parallel market. According to a recent update by Nigerian Stories on its official X (formerly Twitter) handle, the naira has now depreciated to N1,490 per US dollar in the black market.
This alarming slump signals growing concerns over the nation’s economic stability, inflationary pressures, and the effectiveness of government policies aimed at stabilizing the local currency. The persistent depreciation of the naira, despite interventions by the Central Bank of Nigeria (CBN), reflects heightened demand for the dollar, a struggling foreign exchange inflow, and speculative activities within the financial sector.
Analysts warn that if urgent measures are not taken to boost forex reserves, attract foreign investment, and curb currency speculation, the naira could slide further, exacerbating the economic hardship already burdening millions of Nigerians.
While the official exchange rate remains significantly lower, businesses and individuals relying on the parallel market face the harsh reality of a weakening currency, driving up the cost of imported goods and essential services.
The question now remains: Can the Nigerian government and CBN implement decisive actions to halt this downward spiral, or will the naira continue its freefall?
PIONEER NEWS 