TheBreakingPoint

In a concerning trend, the naira experienced a significant downturn, reaching N956.33 per dollar in the official market and N1165 per dollar in the parallel market on Thursday.   At the close of business on Thursday, data from the official Nigerian Foreign Exchange Market (NAFEM) indicated a 12.11% depreciation in the domestic currency, closing at N956.33 to a dollar. This marks a substantial N115.8 loss or a 12.11% decline compared to the previous day's closing rate of N840.53. Notably, this stands as a new all-time low, surpassing the previous record of N996.75 set on November 9th.   The intraday trading saw a high of N1136/$1 and a low of N615/$1, reflecting a considerable spread of N521/$1. Forex turnover at the close of trading, as reported by the official NAFEM window, amounted to $105.50 million, indicating a 46.77% decrease compared to the previous day.   Concurrently, in the unofficial parallel forex market, where forex transactions occur unofficially...

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.   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 upcomin...