Naira crashes further against dollar in Foreign Exchange Market

The naira continued its decline against the dollar in the foreign exchange market on Tuesday, reflecting ongoing challenges in the Nigerian economy.

According to FMDQ data, the naira weakened to N1,537.03 per dollar, down from N1,536.58 on Monday. This represents a marginal drop of N0.45 per dollar at the official market.

Black Market Stability
On the black market, however, the naira remained stable, closing at N1,665 per dollar on Tuesday, maintaining the same exchange rate as recorded on Monday.

Recent Trends
Over the past two days, the naira has depreciated by N2.65 per dollar in the official foreign exchange market, while the parallel market has seen relative stability in exchange rates.

Budget Exchange Rate
In President Bola Ahmed Tinubu’s 2025 budget proposal, the official exchange rate was set at N1,500 per dollar, reflecting the administration’s effort to anchor fiscal policy amidst ongoing economic pressures.

As the naira continues to experience fluctuations, market participants are closely monitoring both official and parallel market trends for signs of stabilization.