NAIRAMETRICS
The Nigerian currency is bracing for challenges as the U.S. dollar surges following Donald Trump’s return to the U.S. presidency.
The naira traded at N1,678/$ on the official market last Friday, a loss of N39 from Thursday’s rate of N1,639/$.
Data from FMDQ indicates that the naira has shed over 70% of its value against the dollar since its free-market adjustment in June 2023, a move aimed at restoring investor confidence in the Nigerian economy.
Some prominent companies with dollar-denominated obligations have reported significant losses due to the naira’s sharp devaluation.
Among them, Nigerian Breweries and Nestlé Nigeria saw increased liabilities due to their dollar exposure.
