Naira Weakens Against Dollar Across Markets on Dec 19

The naira depreciated against the U.S. dollar on Friday, December 19, across both the parallel market and the Nigerian Foreign Exchange Market (NAFEM).

Currency dealers in Abuja told Economic Confidential that the naira traded at ₦1,490/$1 for buying and ₦1,500/$1 for selling, reflecting a ₦10 depreciation compared with the ₦1,490/$1 rate recorded on Thursday.

At the official window, the naira also weakened slightly, trading at ₦1,457/$1, down from ₦1,455/$1 the previous day.

Analysts said the movement across both markets highlights persistent pressure in Nigeria’s foreign exchange environment, attributing the volatility to speculative trading and continued uncertainty over the policy direction of the Central Bank of Nigeria (CBN).