According to Vanguard, the naira came under fresh pressure in the parallel market on Thursday, weakening to about ₦1,490/$—down from roughly ₦1,470/$ earlier in the week.
Figures from the Nigerian Foreign Exchange Market (NFEM) also showed a mild softening in the official close, moving from about ₦1,416/$ to ₦1,421/$, widening the spread between official and street rates.
Market watchers linked the renewed volatility to seasonal FX demand and speculative positioning, even as the central bank has continued to signal optimism around reserve buildup and longer-term convergence.
**Echotitbits take:** The persistent gap between official and parallel rates remains a key credibility test for FX reforms. If liquidity at the retail end stays tight, expect more pressure on prices and confidence—watch closely for the CBN’s next market-facing intervention.
Source: Guardian — https://guardian.ng/business-services/naira-eyes-n1300-at-parallel-market-as-speculators-offload-fx/ 2026-01-08
Photo Credit: Guardian
