The Nigerian Naira’s downward spiral against the US Dollar persisted on Friday, marking a concerning trend since the assumption of Olayemi Cardoso as the acting governor of the Central Bank of Nigeria (CBN). The Naira touched an unprecedented low of N995 per dollar, registering a 0.51 percent decrease in value compared to the N990/$1 rate observed just a day earlier in the parallel market, commonly referred to as the black market.
Devaluation’s Ongoing Toll:
This relentless devaluation has seen the Naira’s year-to-date depreciation reach a staggering 34.82 percent, plummeting from an initial N738 per dollar at the beginning of the year.
Official Forex Market Struggles:
In the Investors’ and Exporters’ (I&E) forex window, which represents Nigeria’s official foreign exchange market, the Naira faced a substantial 1.32 percent depreciation. Here, one US dollar was quoted at N747.76 on Friday, compared to the N738.00/$1 rate seen just a day earlier on Thursday.
As Nigeria grapples with these currency challenges, the nation eagerly awaits further developments and actions from the Central Bank under its new leadership. Stay tuned for updates on this evolving financial landscape.
