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.

Comments

Post a Comment

Popular posts from this blog

Unveiling Tucker Reed: The Journey Beyond the Headlines

Image
In the spotlight of Dateline NBC’s gripping episode, “Killer Role,” we delve into the perplexing story of Tucker Reed and the tragic events that unfolded on July 26, 2016, forever altering the course of her life. Tucker Reed, known for her role in the indie horror film “From The Dark,” shocked the world when she shot her maternal uncle, Shane Patrick Moore, amidst a volatile property dispute and allegations of violence.   Born Aisling Tucker Moore-Reed on October 15, 1989, in Los Gatos, California, Tucker’s journey took her from Ashland High School in Oregon to the University of Southern California, where she explored her passion for broadcast journalism, theatre, and cinema. Despite Tucker’s promising future, tensions flared within her family, particularly with her mother, Kelly Moore, and Shane, leading to a fateful incident on that summer day in 2016.   Tucker’s multifaceted talents were evident early on, with notable contributions as the assistant editor and repo...
Read more

'General Hospital' Triumphs at 50th Daytime Emmys with 6 Victories; Susan Lucci Recognized

Image
In Los Angeles, Thorsten Kaye and Jacqueline MacInnes Wood, stars of "The Bold and the Beautiful," clinched lead acting accolades at the Daytime Emmy Awards. Meanwhile, "General Hospital" asserted its dominance, securing six awards, including four for outstanding performances.   Kaye, portraying Ridge Forrester on the CBS soap, couldn't be present to accept his award. Playfully, co-star John McCook, last year's lead actor winner, who presented the lead actress award this year, quipped, "Thorsten would have thanked me because I help him through everything."   For MacInnes Wood, her third trophy for her role as Steffy Forrester was a moment of overwhelming gratitude. "Wow! Awesome! Oh my gosh," she exclaimed. "I'm so grateful for this ride."   "General Hospital" concluded the night with a triumph in the outstanding drama series category. Executive producer Frank Valentini expressed his appreciation, ded...
Read more

Lindsay Lohan Shines in Dazzling Cutout Ensemble at Mean Girls Premiere

Image
Guess who's back? Lindsay Lohan, that's who – and she's as grool as ever! The 37-year-old star made an unexpected appearance at the New York premiere of Mean Girls, the musical inspired by the Broadway production based on the iconic 2004 film that catapulted Lohan to fame. Strutting down the red carpet, Lohan showcased a truly fetch look, proving she's not just a regular mom; she's a cool mom.   When asked exclusively by PEOPLE if she identifies as a "cool mom" – a role she embraces since welcoming son Luai with husband Bader Shammas in July – Lohan replied with a hopeful, "I hope so!" Her ensemble for the evening featured a long-sleeved black dress designed by Alexandre Vauthier, complete with a stunning cutout bejeweled with silver crystals.   Lindsay Lohan attends the “Mean Girls” premiere at AMC Lincoln Square Theater on January 08, 2024, in New York City.   The dress, boasting a subtle slit that revealed Lohan's chic black ...
Read more

A Spectacular Turn of the Clock: Times Square Welcomes 2024 with Enthusiastic Crowds

Image
In the heart of New York City, the anticipation reached its peak as a diverse crowd filled Times Square for the much-awaited New Year's Eve celebration of 2024. From dawn till dusk, people from around the globe gathered at the Crossroads of the World, eager to witness the iconic ball drop and embrace the transition into a new year.   Among the excited attendees were the Modaff family, first-timers from Chicago, who found the Times Square experience unparalleled. Jen Modaff expressed, "Like no other experience out there. This has been amazing all day," emphasizing the significance of being together with family on this special holiday.   Togetherness was a prevailing theme, with individuals like Warren Garcia from New Jersey seizing the opportunity to make new friends during the 13-hour wait. Garcia humorously remarked, "We're gonna stay here for 13 hours, so why not make friends?" revealing the camaraderie that emerged among the patient crowd.   ...
Read more

Embracing the Twang: How Indie Rock Acts Are Redefining Country Music

Image
In the heart of Los Angeles, Mitski's "My Love Mine All Mine" unfolds like a whispered dirge, offering a gothic lounge experience within a tight two-minute timeframe. Despite its unconventional elements, including a choir, organ, bass, and the crucial pedal steel guitar associated with country and western music, the song has defied expectations by holding a position on the Billboard Hot 100 for 12 weeks as a wholly independent artist. Notably, it also dominated the No. 1 spot on Billboard's TikTok trending chart for an impressive 10 weeks.   While Mitski is not a native of the American South, her musical journey explores small-town USA, and she recently found inspiration in Nashville. This trend of indie artists delving into weeping Americana sounds isn't exclusive to Mitski; numerous contemporary indie rock acts, such as Angel Olsen, Waxahatchee, Plains, and Wednesday, draw influence from or originate in the South. The legacy of Lucinda Williams' "...
Read more

Unraveling the Aftermath: Miles Robbins Addresses Backlash Over Susan Sarandon's Controversial Video

Image
In the aftermath of Susan Sarandon's recent dismissal by her agent amid the Israel-Hamas conflict controversy, her son, Miles Robbins, steps forward to express gratitude for the public support but urges fans to halt the circulation of a particular video that he deems inappropriate.   Acknowledging Support Amidst McCarthyist Blacklisting   Miles Robbins takes to X (formerly Twitter) to thank those defending his mother during what he calls a "McCarthyist blacklisting" period. Despite appreciating the solidarity, he specifically addresses a concern regarding the usage of a video that makes him uncomfortable. Robbins tweets, "I’m really grateful to see people on Twitter defending my mom amidst a new era of McCarthyist blacklisting, but can you PLEASE stop using the clip of her getting her hair done with her honkers out?"   Controversial Video Fuels Backlash   The video in question captures Susan Sarandon having her hair styled while dressed in a reve...
Read more

Unveiling "Connection Unveiled": A Cinematic Exploration

Image
Step into the world of "Connection Unveiled," a delightful romantic comedy directed by Peter Hutchings. In the midst of a rom-com resurgence, this film, while not groundbreaking, captivates with its charming lead duo and a character-driven narrative.   "Connection Unveiled" opens at a wedding, the classic backdrop for unexpected encounters. Here, Jane (played by Lucy Hale) and Will (portrayed by Nate Wolfe) cross paths, leading to a whirlwind 24 hours of shared laughter and confessions. The film explores whether these two romantically weary souls can find love after navigating the twists and turns of their respective pasts.   Hale and Wolfe's on-screen chemistry is the heartbeat of "Connection Unveiled." Their performances strike a perfect balance between comedic banter and heartfelt moments, creating a believable connection that unfolds within a mere day. This dynamic duo seamlessly handles both humor and emotion, making the film an enjoyabl...
Read more

Unveiling the Aerospace Legacy: Exploring Illinois' Space Industry Journey

Image
Have you ever wondered about the untold history of the space industry in Illinois? Often overshadowed by its "Prairie State" moniker, Illinois boasts a compelling aerospace history, weaving a narrative of innovation and contribution that might surprise you.   Setting the Stage: Illinois' space journey begins in the early 20th century, with aviation trailblazers Octave Chanute and Glenn Curtiss making pivotal strides in flight technology. Their pioneering work laid the groundwork for the future of aerospace engineering, marking the inception of the state's involvement in the industry.   Aerospace Takes Flight in World War II and Beyond: World War II elevated Illinois into a prominent hub for aerospace manufacturing. Industry giants like Boeing and McDonnell Douglas set up shop in the state, actively supporting the war effort. Post-war, these companies continued their trajectory of innovation, becoming key contributors to the burgeoning space industry.   ...
Read more

Unveiling the Future of Transportation: Bharat Mobility Global Expo 2024

Image
In the ever-evolving landscape of mobility, the Bharat Mobility Global Expo 2024 stands as a beacon of innovation and progress. This grand event, set to redefine the future of transportation, brings together industry leaders, visionaries, and enthusiasts from across the globe. As we delve into the heart of this transformative experience, let's explore the key highlights and groundbreaking advancements that mark the Bharat Mobility Global Expo 2024.   The Bharat Mobility Global Expo 2024 serves as a pivotal platform for the automotive industry to showcase cutting-edge technologies and revolutionary concepts. From electric vehicles to autonomous driving systems, this expo encapsulates the essence of the next generation of mobility solutions. As we navigate through the sprawling exhibition halls, the palpable excitement for the future of transportation is evident.   In the heart of the expo, manufacturers unveil their latest marvels, presenting a dazzling array of elect...
Read more

Godzilla Minus One Roars to an $11 Million Opening Weekend in the U.S.

Image
In a weekend spectacle that shook the U.S. box office, Deadline's latest report unveils the triumphant entry of Takashi Yamazaki's Godzilla Minus One into TOHO's iconic Godzilla franchise. The Numbers, with precision, estimates the film's earnings at a formidable US$11,031,954 in its first three days, securing a projected spot at #3 in the U.S. box office rankings.   Should these estimations hold true, Godzilla Minus One is poised to claim the title of the highest-grossing foreign film opening weekend in the United States for the year, outshining the March debut of Demon Slayer: Kimetsu no Yaiba Swordsmith Village Arc, which earned US$10.1 million.   Breaking down the numbers, Deadline reveals a powerful Friday start for Godzilla Minus One, raking in US$4.7 million, followed by a robust Saturday with earnings hitting US$3.7 million, and a steady Sunday with US$2.58 million. This cinematic behemoth graced 2,308 theaters across the nation during its opening week...
Read more