The Nigerian naira has plunged further, hitting new lows against the US dollar in both official and parallel markets.
At the Nigerian Autonomous Foreign Exchange Market (NAFEM), formerly the official Central Bank of Nigeria (CBN) exchange rate, the dollar now trades at ₦1700. On the parallel market, also known as the black market, the naira has dropped to ₦1755 per dollar, compared to yesterday’s close of ₦1745.
Dollar to Naira Exchange Rate Today, November 22, 2024: Black Market and CBN Rates
Similarly, the naira closed at ₦1658 on NAFEM during the previous trading session.
Implications for the Economy
The continued devaluation of the naira highlights mounting pressure on Nigeria’s foreign exchange reserves and escalating economic concerns. The widening gap between the official and parallel market rates signals rising demand for foreign currency amid dwindling supply.
Economists warn that the persistent depreciation could further strain businesses reliant on imports and worsen inflationary pressures in the country.
