Currency Crisis Unfolds: Naira Hits Record Low Against US Dollar

In a dramatic turn of events, the Naira faces a significant depreciation against the US dollar, reaching a record low, sending shockwaves through the foreign exchange market. Data from FMDQ reveals a substantial decline, with the Naira weakening to N900.96 per dollar on Thursday, marking a notable loss of N18.72 or 2.12%.

This alarming trend extends to the parallel forex market, where the Naira reached an unprecedented low of N1,410 per Dollar, reflecting a 0.37% decrease from Wednesday’s rate of N1,365 per dollar. Despite a noteworthy 103.52% increase in forex turnover, reaching $115.19 million at Thursday’s close, the Naira continues its downward spiral.

The concerning situation becomes more pronounced as the Naira also experienced depreciation on Wednesday, resulting in a total loss of N22.35 in just two days. The developments prompt anxieties about the stability of the local currency and its impact on the economy.

Notably, the Central Bank of Nigeria governor, Olayemi Cardoso, addressed the economic outlook for 2024 on Wednesday, assuring measures to achieve real price discovery in the foreign exchange market. The unfolding scenario calls for heightened attention to navigate the evolving challenges in the currency landscape.

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