Over the past five days, the Naira surged by N15 against the dollar in the parallel forex market. Weeklong FX data reveals that on Wednesday, Thursday, and Friday, the Naira strengthened at the black market—closing at N1,565 per dollar compared to Monday’s N1,580 rate. In stark contrast, the official market saw the Naira slip slightly, settling at N1,507.8 per dollar per the Central Bank of Nigeria’s Thursday data, with Friday’s figures still pending.
These fluctuating dynamics highlight the Naira’s volatile performance across markets. Benson Idahosa, President of the Lagos Chamber of Commerce and Industry, emphasized that an exchange rate of N1,300 per dollar could significantly cool Nigeria’s inflation.
Meanwhile, the CBN is set to unveil fresh monetary policy measures at its 299th Monetary Policy Committee meeting on February 19 and 20, 2025.
