The naira weakened against the dollar on Monday, closing at N1,495.60 per dollar at the official foreign exchange market, reversing its recent gains.
Data from FMDQ Securities Exchange Limited showed a significant drop from N1,474.78 recorded on January 31, marking a decline of over N20 in a single trading session. The naira had strengthened by N63.72 in January, achieving its highest appreciation in seven months.
Despite hovering between N1,500 and N1,600 in recent months, analysts warn that foreign exchange stability remains a critical challenge for Nigeria’s economic recovery.
A PwC report on Nigeria’s 2025 budget and macroeconomic outlook highlighted that the naira depreciated by an average of 39.8% in 2024, even as external reserves grew to $38.67 billion. Experts, including Dr. Biodun Adedipe and Bismarck Rewane, project the naira may stabilize at N1,575 per dollar later in the year.
