Nigeria Naira Drops to N1,250/$ in Parallel Market, Raising Economic Concerns

In a concerning economic development, the Naira witnessed a significant depreciation to N1,250 per dollar in the parallel market, marking a notable drop from N1,240 per dollar over the weekend.

Concurrently, the Nigerian Foreign Exchange Market (NAFEM) recorded a similar trend as the naira depreciated to N988.46 per dollar, indicating an alarming N81.35 decline, according to data from FMDQ.

This surge in exchange rates has led to a considerable reduction in the gap between the official and parallel market rates, narrowing down to N261.54 per dollar from N332.89 per dollar just last week.

As the nation grapples with these financial shifts, experts analyze the root causes and potential repercussions on the local and global economic landscape.