NAIRA FALLS AS DOLLAR STRENGTHENS AMID GLOBAL TENSIONS
By: Safiya Abdulrahim Dabban
The naira weakened against the U.S. dollar on Wednesday as global inflation fears and geopolitical tensions continued to pressure emerging market currencies.
It slipped to N1,391/$ from N1,383.5/$, with ongoing volatility in the foreign exchange market reflecting sustained demand for the dollar and limited supply. A slight dip in Nigeria’s external reserves further highlighted the strain on the currency.
Globally, the dollar gained strength as investors reacted to rising inflation expectations and uncertainty linked to Middle East tensions, pushing other major currencies lower.
The combined impact of external pressures and domestic challenges continues to weigh on the naira’s stability.