The Nigerian Naira has experienced a record lows against the US dollar, depreciating to N996.75 per dollar in the official market and N1090 per dollar in the parallel market.
Despite expectations that recent moves by the Central Bank of Nigeria (CBN) to clear its foreign exchange backlog would instil confidence, the domestic currency’s value has continued to slide.
Data from the Nigerian Autonomous Foreign Exchange Market (NAFEM) reveals a 12.24% decline compared to the previous day, marking a new all-time low.
Forex turnover at the official NAFEM window significantly increased by 101.32%, reaching $228.54 million at the close of Thursday’s trading.
Meanwhile, the parallel market witnessed a 5.5% depreciation, quoting an exchange rate of N1090/$1..
President of the Association of Bureau de Change Operators of Nigeria (ABCON), Aminu Gwadabe, warns currency speculators of impending consequences, stating that the CBN is prepared to counteract hoarding and substituting Naira for other currencies.
