By Tunji Faleye
Economic challenges appear imminent for brands, manufacturers, and consumers as market indicators suggest the naira could depreciate further, potentially reaching ₦1,850 against the US dollar by December 2024.
The Nigerian naira continues to decline significantly in the parallel market, highlighting the severity of the nation’s currency crisis. Dr. Oluwabepelumi Olanubi, Co-founder of Kingsgate Advisor Institute, shared this projection during an interview on Arise News TV in Lagos earlier today.
Dr. Olanubi explained that the exchange rate is unlikely to stabilize soon, citing prevailing market conditions as evidence of the naira’s continued decline. She noted that while the exchange rate could have soared to ₦2,000, interventions by the Central Bank of Nigeria (CBN) — such as dollar injections into the market — have provided some relief.
Currently, the dollar’s buying rate in the black market stands at ₦1,740, with the selling rate at ₦1,750. This underscores the volatility in Nigeria’s foreign exchange market, where demand for dollars continues to far exceed the available supply, placing the naira under sustained pressure.
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