Click To Join MA WhatsApp Community
The Nigerian Naira has experienced a sharp decline, reaching new lows against the US dollar, Closing at 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.
According to Nairametrics, financial experts urged the CBN to implement bold strategies to reverse the Naira’s free fall.
Dr. Biodun Adedipe, founder of B. Adedipe Associates Limited, suggests de-dollarizing the economy by declaring local transactions in US dollars illegal. He emphasized the need to sell crude oil to local refineries in Naira rather than dollars.
As the official and parallel market exchange rates approach parity, concerns about the economy’s stability are escalating. Calls for transparency in dealings at the Investors and Exporters Window and broader market reforms are gaining momentum.
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.
SUBSCRIBE TO OUR NEWSLETTER NOW
Support MATAZ ARISING’ journalism of integrity and credibility.
Good journalism ensure the possibility of a good society, an accountable democracy, and a transparent government.
We ask you to consider making a modest support to this noble endeavour.
TEXT AD: To advertise here – Email ad@matazarising.com
Lagos, Abuja demolitions: Ohanaeze kicks
MaTaZ ArIsInGTexas Lagos State has defended the ongoing demolition of buildings in unauthorized places in parts of the state, saying the action is in accordance with the rule of law. The reaction followed the call by Ohanaeze Ndigbo on the state to suspend the demolition of houses following complaints it received. Its President Chief Emmanuel Iwuayanwu, who…
Economic Downturn And The Blame Game
By AMINU A. YANTAGWAYE MaTaZ ArIsInGTexas Reading from the national dailies, both online and print media, how President Bola Tinubu lamented about the level of socio-economic deterioration he inherited from his predecessor is overwhelming. His National Security Adviser, Mallam Nuhu Ribadu, also maundered about the same reason that the previous government ran Nigeria into bankruptcy,…
Alleged money laundering: ‘We airlifted N1.219bn to Fayose for 2014 election’ – Obanikoro
MaTaZ ArIsInGTexas Musiliu Obanikoro, the former minister of state for defence, on Wednesday, disclosed that N1.219 billion cash was airlifted to Ekiti state ex-governor, Ayodele Fayose during the 2014 election. Fayose is facing trial by the Economic and Financial Crimes Commission, EFCC, alongside his company, Spotless Investment Limited, over their alleged involvement in N6.9 billion…
