The Nigerian naira has reached a record low against the US dollar, intensifying the nation’s foreign exchange crisis in both official and parallel markets.
Data from FMDQ revealed that the naira’s value dropped from N1,574.62 per US dollar on Monday to N1,537.96 on the preceding Friday, marking a significant 2.3% or N36.66 loss compared to the prior week.
Simultaneously, the naira’s value on the parallel market fell to N1,660 per US dollar from N1,590 on the same days, as reported by Dayyabu Mistila, a Bureau De Change operator.
The decline occurred amidst the Economic and Financial Crime Commission’s crackdown on illicit Bureau De Change operators, leading to the arrest of 50 individuals in Wuse Zone 4, Abuja.
Despite the Central Bank of Nigeria’s recent introduction of new guidelines to cease the cash payout of Personal Travel Allowance (PTA) and Business Travel Allowance (BTA), as well as halting international oil companies from repatriating 100% of their forex revenue, the naira’s depreciation at the foreign exchange market persists.
Efforts by the CBN and the Nigerian government have thus far failed to mitigate the ongoing instability and rapid devaluation of the naira against the US dollar and other foreign currencies.
