CBN and Traders Announce New Naira to Dollar Exchange Rate Amid Weakening Naira

The Central Bank of Nigeria (CBN) and traders have revealed a new Naira to Dollar exchange rate as the Naira depreciated against the Dollar, closing the week at N1,454 to $1. Traders in Lagos reported a decline in the Naira throughout the week, with the parallel market exchange rate ranging from N1,469.5 to N1,472 to $1.

Analysts attribute the Naira's weakness to heightened demand for foreign exchange, especially with the festive season approaching. Bismark Rewan, CEO of a project, predicts the Naira could close at N1,492 to $1 by 2025, citing increased domestic corporate debt and higher remittances as potential factors.