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Naira Plummets Further, Hits Over ₦1,500 Against Dollar
Naira Plummets Further, Hits Over ₦1,500 Against Dollar
The Nigerian currency, the naira, faced another significant devaluation against the US dollar on Monday, continuing its downward trend in the foreign exchange market.....KINDLY READ THE FULL STORY HERE▶
Reports from both the parallel market and the FMDQ revealed a substantial depreciation of the naira. In the parallel market, the naira was traded as high as ₦1,517 per dollar earlier in the day, settling at ₦1,500 per dollar by evening. This marked a notable increase from the ₦1,450 per dollar rate observed over the weekend.
Meanwhile, in the official market, data from the FMDQ showed the naira falling to ₦1478.11 per dollar on Monday, down from ₦1466.31 the previous Friday, representing a decline of ₦11.8.
Speculations about an impending crackdown by the Economic and Financial Crimes Commission (EFCC) reportedly contributed to the fluctuations in the parallel market.
Olayemi Cardoso, the Governor of the Central Bank of Nigeria, reiterated the Monetary Policy Committee’s commitment to addressing the country’s soaring inflation rate, which stood at 33.22% in March 2024.
The persistent devaluation of the naira underscores ongoing economic challenges and highlights the difficulties faced by Nigeria’s financial regulators in stabilizing the currency and controlling inflation.
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