Unprecedented Drop: Nigerian Naira Hits All-Time Lows Against US Dollar

The Nigerian Naira's relentless descent continues, marking historic lows in both official and parallel foreign exchange markets. Against the backdrop of an escalating currency crisis, Dr. Olayemi Cardoso, the Governor of the Central Bank of Nigeria (CBN), is poised to unveil new monetary policies today at a Chartered Institute of Bankers of Nigeria (CIBN) event.

 

Nigerian Naira, United States Dollar, Foreign Exchange Market,

As of Thursday, the Naira officially plummeted to a fresh nadir, reaching N956.33 against the US Dollar—down from N840.53—based on data from FMDQ Securities Exchange. This pronounced depreciation mirrored in parallel markets, where the Naira concluded at N1,142/$1 and N1,162/$1 in peer-to-peer and the black market segments, respectively.

 

Despite a recent surge to $198.21 million on Tuesday, forex transactions witnessed a sharp decline, dwindling to $105.50 million on Thursday. This dip in forex turnover, following the earlier spike, failed to halt the downward trajectory of the Naira.

 

The upcoming policy announcement by CBN Governor Dr. Cardoso holds significant anticipation, particularly since the country has bypassed two Monetary Policy Committee (MPC) meetings since implementing reforms in June. These reforms, intended to stabilize the currency, have yet to yield the desired effects.

 

With bated breath, investors and citizens alike are awaiting Dr. Cardoso's address, seeking insights into the central bank's strategy to navigate the ongoing turbulence in the forex market and rejuvenate the value of the nation's currency.

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