Nigeria's naira has been navigating turbulent waters across both official and unofficial markets in recent weeks, spurred by heightened forex demand and a notable surge in the prices of goods and services nationwide.


Last week, the local currency experienced significant fluctuations, trading at an average of N1500 and above in the spot market and closing the week at N1,665.50/$1 - its lowest point ever recorded in this segment according to data from FMDQ.


Similarly, in the parallel market, amidst speculation and uncertainty surrounding forex supply, the naira continued its downward spiral, reaching a record low of N1,700 and above, driven by increased demand and market instability.


In response to this concerning trend, the Nigerian government embarked on a series of decisive measures and reforms aimed at safeguarding the country's foreign exchange market and combating speculative activities.


The government's interventions appear to be yielding positive results, particularly in the unauthorized forex market, with the naira showing slight appreciation over the weekend.


Market data indicates that the dollar was exchanged at N1,500 to a dollar on Sunday, a notable improvement from the previous week's rates



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