Naira Falls to ₦1,610 Against Dollar: Market Update

The value of the Naira continued its downward trend on Thursday, February 15, depreciating to ₦1,610 against the United States Dollar (USD) at the parallel market.

By the close of business on Thursday, the Naira, which had initially dropped to ₦1,515.28 against the Dollar at the Nigeria Autonomous Foreign Exchange (NAFEX) window, slightly rebounded to ₦1,498.25.

However, in the parallel market, the Naira’s value continued to decline, with transactions occurring between ₦1,610 and ₦1,615 per Dollar on Thursday, compared to ₦1,550 the previous day.

The Naira has faced significant challenges in recent times, despite various interventions by the Central Bank of Nigeria (CBN), exacerbating the country’s cost of living crisis and inflation rates.