Nigeria’s currency faced renewed pressure on Tuesday as demand for foreign exchange surged across official and parallel markets, raising concerns among businesses and consumers.
Currency traders report increased demand driven by importers, tuition payments abroad, and corporate obligations. Analysts say limited dollar supply continues to widen the gap between official and parallel market rates, creating uncertainty for investors.
Manufacturers warn that currency volatility is pushing up production costs, which may soon be passed on to consumers through higher prices. Import-dependent sectors, including pharmaceuticals and electronics, say planning has become increasingly difficult.
The Central Bank has reiterated its commitment to market stability, emphasizing ongoing reforms aimed at improving liquidity and restoring confidence. However, economists caution that sustained pressure could further impact inflation and purchasing power.
As uncertainty persists, Nigerians continue to feel the ripple effects through rising prices and reduced consumer confidence.
