The naira continues to lose ground in the foreign exchange market, pressured by persistent FX liquidity shortages and increasing demand for the US dollar. According to data from the FMDQ platform, the naira depreciated by 0.06%, closing at ₦1,547.67 per dollar in the official market. This decline reflects sustained pressure due to limited FX supply in the official channels.
In the parallel market, the naira closed at ₦1,660 per dollar, a ₦5 drop compared to previous levels, amid bearish sentiment regarding the currency’s future performance. Analysts report that transactions occurred within a range of ₦1,545 to ₦1,560, with expectations that the Central Bank of Nigeria might intervene to stabilize the naira.
Projections by several analysts suggest a bearish outlook for the naira, with exchange rates potentially reaching between₦1,700 and₦1,800 per dollar by 2025. The FX spread—the difference between official and parallel market rates—stood at ₦113 per dollar, offering a significant margin for speculative trading activities.
Meanwhile, in global commodities, oil prices fell after reaching a four-month high as markets weighed the potential impact of new US sanctions on Russian oil exports to major importers such as India and China. Brent crude traded at $80.57 per barrel, while WTI hovered at $78.58. Gold prices remained relatively stable at approximately $2,663.29 per ounce as investors awaited key US inflation data that could influence future interest rate decisions.
