Naira Slides to ₦1,600 per Dollar in Official Market

The Nigerian naira weakened sharply to ₦1,600 against the US dollar in the official foreign exchange market on Friday—signaling a remarkable shift after holding steady at around ₦1,500 for about three months. The official rate, according to figures published by the Central Bank of Nigeria (CBN) dropped from ₦1,569 to ₦1,600–reflecting a ₦31 loss in value within a single trading session. A similar trend was observed in the parallel market where the naira declined to ₦1,565 per dollar as compared to ₦1,555 recorded in the previous day. This adjustment has enlarged the gap between official and black market rates to ₦35 up significantly from the ₦14 spread reported on Thursday. The sudden depreciation is raising concerns among financial analysts—who caution of potential ripple effects on inflation, the cost of imports and overall economic stability. Market watchers are now closely observing policy responses and macroeconomic signals as pressure mounts on the local currency amid ongoing efforts at foreign exchange reforms.