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
-
Nigeria Moves Closer to State Police as Bill Reaches 36 States
MaTaZ ArIsInGDallas, Texas Nigeria may soon have state police alongside the federal police. (The National Assembly. Photo by Daily Trust) Nigeria’s National Assembly transmitted the State Police Bill to the 36 state assemblies on Wednesday for consideration and approval. The bill, which marks a major shift in Nigeria’s security structure, needs backing from at least…
-
How Nigerian drug cartels are exploiting new wave of elderly mules
MaTaZ ArIsInGDallas, Texas The growing arrest of Nigerians aged 60 and above for drug-related offences is raising concerns over the changing face of illicit drug trafficking in the country. In this report, MOYOSORE SALAMI examines why elderly Nigerians are attracted to drug trade and what could be done to curb the trend. Nigeria is facing…
-
Ortom and his 23 cars’ ‘bonus’, by Dele Sobowale
MaTaZ ArIsInGDallas, Texas Dele Sobowale “As I talk to you, after I left office, vehicles that were given to me legitimately by government, this government went and seized them in a manner that was not befitting” – Former Governor Samuel Ortom of Benue State Last week, former Governor Donald Duke of Cross River declared that…
