The naira experienced a historic dip against the dollar on the official market, nearing rates seen in the unofficial parallel market. LSEG data indicated that Africa’s largest economy’s currency plummeted to as low as N1,160 to the dollar, later recovering to approximately N800, as reported by Reuters. Analysts attribute this decline to the Central Bank of Nigeria’s (CBN) delayed resolution of outstanding foreign-currency amounts from forward deals. This delay has led to an official exchange rate that diverges significantly from market forces, contributing to a widening gap with the parallel market rate. Despite CBN Governor Olayemi Cardoso’s recent announcement of plans to let market forces determine exchange rates, the implementation has yet to take place, leaving the naira vulnerable to external pressures. As of Friday, the naira was trading at around N1,165 on the parallel market, accentuating the notable disparity between official and unofficial rates. Concerns about inflation and economic stability have risen, impacting businesses struggling to access foreign currency and increasing the cost of imported goods. The resolution of this issue and the stabilization of the naira await decisive action from the CBN, possibly through the implementation of Governor Cardoso’s plan, emphasizing the need for clear and transparent market rules.