Saturday, February 15, 2025

Naira Experiences Another Sharp Decline To N1515 Per Dollar in Parallel Market

The Nigerian Naira has taken a hit in the parallel market, falling to N1,515 per dollar after previously standing at N1,495, a decline that has raised concerns about the country’s economic stability.

In a similar downturn, the official Nigerian Autonomous Foreign Exchange Market (NAFEM) witnessed the Naira dropping to an exchange rate of N1,485.66 per dollar. This fall in value marked a significant depreciation from the previous rate of N1,462.59, resulting in a 23.07 naira tumble.

NAFEM’s data, as reflected by the rates on the FMDQ platform, showed intraday fluctuations reaching a high of N1,510 and a low of N1,401 per dollar, equating to a disparity of N109.

This weakening of Nigeria’s currency comes amidst reported increased dollar transactions, with trading volume experiencing a 35.7% boost, climbing to a total of $167.55 million from the former tally of $123.45 million.

READ MORE: Fubara Admits His Full Governance in Rivers Took Off in February, Despite Earlier Swearing-In

This negative shift in the naira’s fortune has, in turn, led to a narrower margin between the quoted rates in the parallel market and NAFEM rates, notably contracting from N33.59 to N29.34 per dollar.

Amid this currency predicament, noted business figure Chief Atedo Peterside, renowned for founding Stanbic IBTC and ANAP Foundation, commented on the pressing situation.

He warned against a hasty drive by President Bola Tinubu’s administration to strengthen the naira against the dollar and other rival currencies. Peterside suggested a steadier, more methodical method to stabilize and then gradually reinforce the currency.

Peterside’s view, shared in a televised discussion, advocates for maintaining stability at a sustainable level, then systematically bolstering the reserve to foster lasting confidence.

As a result of recent developments, the naira achieved unexpected recognition as the world’s best-performing currency due to a rebound from an initial fall, recovering from an all-time low of 1,900 to a dollar to approximately 1,100.

SOURCE: Africa Today News, New York

Hot this week

Proposed 31 New States Could Add Strain to Nigeria’s Fragile Economy – Mike Ozekhome

The Nigerian House of Representatives' proposal to create 31...

Sam Nujoma, Namibia’s Founding Father, Dies at 95

Sam Nujoma, Namibia’s Founding Father, Dies at 95 Namibia is...

Nigeria’s Non-Oil Exports Surge by 20.7%, Trade Volume Hits 7.2 Million Metric Tons

Nigeria’s non-oil export sector is making waves, with trade...

Governance Suffers as Governors Reside in Abuja, NLC President Laments

The Nigeria Labour Congress (NLC) has criticized state governors...

NDLEA Tightens Grip on Drug Traffickers, Seizes Heroin and Other Illicit Substances Across Nigeria

The National Drug Law Enforcement Agency (NDLEA) has intensified...

Kenya’s Rose Exports Wither Under Pests, EU Regulations

Kenya's $1 billion flower export industry, a lifeline for...

How Nigeria Spends ₦407 Billion on Fuel Imports in 12 Days

Nigeria's state-owned oil firm, the Nigerian National Petroleum Company...

Tinubu Joins African Union Summit to Push for Reparatory Justice, Economic Development

President Bola Ahmed Tinubu arrived in Addis Ababa, Ethiopia,...

NUC Tightens Rules for Private University Licensing with 14-Step Approval Process

Nigeria's National Universities Commission (NUC) has introduced a comprehensive...

MTN Hikes Data Prices as NCC Approves 50% Tariff Increase

MTN Nigeria has raised its data subscription prices following...

Ghana Targets Payroll Corruption With Probe Into 81,000 ‘Ghost Names

Ghana’s government has launched an investigation into 81,000 suspected...

Nigeria Halts Implementation of 4% FOB Charge to Refine Customs Framework

The Nigerian government has suspended the implementation of a...

Nigeria’s Dangote Refinery Reduces Diesel Prices for the Third Time Since Launch

The Dangote Petroleum Refinery has cut the gantry price...

Related Articles

Popular Categories