The Nigerian naira weakened significantly against the US dollar on Thursday, losing 3.5% of its value in the parallel market. The currency depreciated by N55, with the dollar trading at N1,580, compared to N1,525 on Wednesday.
Financial analysts have raised concerns over the naira’s stability. The Head of Financial Institution Ratings at Agusto & Co., Ayokunle Olubunmi, suggested that recent gains in the currency may not be sustainable. While a further devaluation is expected in 2025, he indicated it may not be as pronounced as in 2024.
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The Association of Bureaux De Change Operators of Nigeria (ABCON) has pointed to several constraints affecting its members, including limited availability of foreign exchange, unfavourable rates, fewer participating banks, lower profit margins, and overall market uncertainty.
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