Market News
Naira takes a hit, official rate falls 0.93% against US Dollar - P.M.NEWS
By Grace Alegba
The Naira took a significant hit on Friday, plummeting by 0.93% to settle at N1,567.02 per dollar at the official market.
According to data from the Central Bank of Nigeria (CBN), the local currency lost a staggering N14.49, dropping from Thursday’s exchange rate of N1,552.53 to the dollar.
his sharp decline follows a brief positive surge after the Sallah holiday, where the Naira gained N5.56 on Wednesday, April 2, marking a 0.36% increase.
However, the optimism was short-lived as the currency spiraled by 1.38% on Thursday, April 3, suffering a loss of N21.28.
Despite a period of relative stability since December 2024, fueled by CBN reforms aimed at increasing transparency in the forex market, the Naira now faces renewed pressure.
In February, CBN Governor Mr. Olayemi Cardoso had warned of the looming impact of global trade wars, with US tariff hikes poised to worsen inflationary pressures and potentially destabilize Nigeria’s fragile economy.
As the Naira’s slide continues, traders and experts alike are watching closely, fearing the spillover effects of global uncertainties on Nigeria’s financial landscape.
