The Naira continued to decline against the US dollar
on Tuesday July 29, weakening further in the parallel market.
Currency dealers in Abuja told Economic Confidential
that due to high demand, the Naira was exchanged at ?1,535 per dollar for
buying and ?1,545 for selling, a depreciation from Monday’s closing at
?1,540/$.
At the official Nigerian Foreign Exchange Market
(NAFEM), the local currency also fell to ?1,534/$ on Tuesday, a depreciation
from Monday’s closing at ?1,532.54 per dollar.
Despite the rebound in the parallel market, the
persistent gap between official and black-market rates highlights ongoing
challenges in Nigeria’s forex ecosystem. These include dollar scarcity,
speculative trading, and uncertainty over the Central Bank’s monetary policy
direction.
Analysts warn that without deeper structural reforms,
the Naira may continue to face pressure, despite recent policy efforts to
restore investor confidence and stabilize the market.
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