Naira Crashes Again, Hits N1,580/$1 in Black Market Amid Rising FX Demand

The Nigerian naira has suffered another severe fall against the US dollar across both parallel and official foreign exchange markets, deepening concerns over the country’s economic stability.

At the black market, the naira depreciated sharply to N1,580 per dollar on Thursday, sliding from N1,525/$1 recorded the previous day. This translates to a N55 loss in just 24 hours, worsening fears of an imminent return to the N1,600/$1 threshold.

Confirming the plunge, Abubakar Alhasan, a Bureau de Change operator at Wuse Zone 4, Abuja, told journalist that traders bought dollars between N1,550 and N1,560 and sold between N1,575 and N1,580 on Thursday night.

“We are gradually approaching the N1,600 mark again,” he warned.

Similarly, at the official market, the naira weakened further to N1,512.30 per dollar on Thursday, compared to N1,500.80/$1 on Wednesday, according to CBN’s exchange data—an N11.50 drop in just one day.

This marks the second consecutive day of steep depreciation, with the naira caught in a downward spiral as FX demand pressures mount.

The continuous decline coincides with a dip in Nigeria’s external reserves, which fell to $34.34 billion as of March 4, 2025, down from $34.41 billion on February 28, according to the Central Bank of Nigeria (CBN).