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
-
Peter Obi Faces Petition for Allegedly Travelling with Passenger Using Fake Identities
MaTaZ ArIsInGDallas, Texas A fresh petition has been submitted to the Minister of Aviation and Aerospace Development, Festus Keyamo, calling for an investigation into Nigeria Democratic Congress (NDC) presidential candidate Peter Obi over allegations that he repeatedly travelled with a passenger who allegedly used fake identities to board flights. The petition, dated July 12, 2026,…
-
Afrophobia: Should Nigeria ask South African companies to leave?
MaTaZ ArIsInGDallas, Texas Monday Lines 2 Afrophobia: Should Nigeria ask South African companies to leave? By Lasisi Olagunju (Published in the Nigerian Tribune on Monday, 6 July, 2026). Jacob Zuma was President of South Africa when he declared on October 21, 2013 that South Africa should not “think like Africans in Africa, generally.” The remark,…
-
Why I did not take Brazil’s penalty against Norway – Vinicius
MaTaZ ArIsInGDallas, Texas Brazil’s hopes of ending their long wait for World Cup glory came to a painful end after a 2-1 defeat to Norway in the Round of 16, with Erling Haaland scoring twice to eliminate the five-time champions. The aftermath of the defeat was dominated by questions over why Vinicius Júnior did not…
