Lagos, Nigeria – E be like say Naira don enter wahala again as e close for parallel market at N1,630/$1 on Friday, May 30, 2025. This na big wahala, considering say just last week, Naira dey chill with N1,620/$1. Wetin happen na? Na persistent foreign exchange challenges wey dey cause am, my people.
As Naira dey drag ground, e no just stop for dollar matter. E still lose ground against British pound, exchanging at N2,190/£1 on Friday, compared to N2,170/£1 on Thursday. Na real matter we go dey chop now, as we fit talk say Naira dey follow a steady decline wey no wan gree stop (no be small wahala o!).
Last week, hope don shine small as Naira comot for N1,625/$1 on Wednesday come enter N1,620/$1 on Thursday. But this week, as Naira return to di trenches, market analysts don start dey raise alarm. Dem dey fear say this new depreciation fit spoilt things for forex market stability and all di fine plans wey government get to fix am.
Wetin dey happen for Naira no reach for dollar alone o. Against euro, Naira come drop to N1,835/€1 on Thursday, so if you dey plan travel or send money, e no go sweet again. For the official market, things dey slightly better, as Naira close for N1,585.5/$1 on Friday, from N1,587/$1 on Thursday. Looks like e dey try to balance the boat a bit abi? (Na today we go see future!).
With all dis palava, OPEC+ self dey add to di wahala. Dem announce say dem go increase oil production by 411,000 barrels per day from July 2025, as dem observe say global economy dey stable and oil inventory dey low. But wetin be di implication for Nigeria? Well, if oil price dey dey drop, na wetin e mean for our foreign exchange earnings, and dat fit mean more pressure on our already struggling Naira (biko, where our oil money dey?).
Wetin we sabi be say, according to di African Development Bank (AfDB), Naira fit face 6% depreciation by 2025 and 2026, and we dey hear say dis no go give us peace, as dem don talk say the foreign exchange market dey too volatile. Na so Governor of Central Bank, Olayemi Cardoso, come dey talk say e no be so, as dem dey see better days ahead. But if wetin dey happen now be anything to go by, e be like say e go take time for Nigerians to see dat light.
So as we dey groove through dis forex jungle, make we dey ready for more surprises. As e dey be now, keep your eyes open and your wallets safe! Follow us for more gists like this one – dis economy matter no fit finish for today!
