The Naira took a significant hit against the US dollar in the foreign exchange market, sparking worries about Nigeria’s economic stability. Data from FMDQ revealed that the Naira’s value dropped to N900.96 per dollar on Thursday, marking a substantial decline from N882.24 per dollar the previous day.
This decline represents an alarming loss of N18.72 or 2.12%, settling at N900.96 compared to Wednesday’s N882.24. The parallel forex market mirrored this trend, with the exchange rate hitting a distressing low of N1,410 per Dollar, signifying a 0.37% decrease from N1,365 per dollar on Wednesday.
Despite a notable 103.52% increase in forex turnover, reaching $115.19 million by Thursday’s close, the Naira’s value faced a relentless downward spiral. Media Talk Africa’s report indicated that the Naira had also weakened on Wednesday, culminating in a total loss of N22.35 over the past two days.
Olayemi Cardoso, the Governor of the Central Bank of Nigeria, addressed the Nigeria Economic Group outlook for 2024 on Wednesday, vowing the apex bank’s commitment to facilitating genuine price discovery in the foreign exchange market. This pledge comes in the wake of growing concerns about the Naira’s declining value, signaling a pressing need for strategic intervention to stabilize Nigeria’s economy.
