The Nigerian Naira ended the week with a sharp drop at the official foreign exchange market. On Friday, the Naira fell to ₦1,602.18 per dollar. This was a fall of ₦5.49 from the ₦1,596.68 rate recorded on Thursday.

According to the Central Bank of Nigeria (CBN), this marks the Naira’s biggest daily drop since April 22, 2025. Despite efforts by the CBN to stabilize the market, the Naira continues to struggle.

While the official market saw a decline, the black market told a different story. The Naira actually gained value there. It moved from ₦1,608 to ₦1,605 per dollar, showing a ₦3 appreciation. This difference highlights the ongoing gap between the official and parallel markets.

The Naira has been unstable for months. Many experts believe this is due to low oil revenue, high demand for dollars, and pressure on foreign reserves. Even though the CBN has taken steps like raising interest rates and tightening liquidity, lasting results have not been seen.

This situation affects many Nigerians. People who need foreign currency for school fees, travel, or business face growing challenges. The constant changes in the exchange rate make it hard to plan ahead.

Market analysts continue to monitor the situation. They hope that more reforms and foreign investments will help. Still, for now, uncertainty remains. Both individuals and businesses are left waiting to see if the Naira can find firm ground.

Until there is a clear sign of stability in both the official and black markets, the pressure on Nigeria’s currency is likely to continue.

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