Data from FMDQ, a financial market infrastructure group, shows the naira closing at N1,482.57 per $1 on the official market, indicating a significant decline. Concurrently, the parallel market witnessed additional depreciation, with the dollar exchanging at N1,491.00 per $1. The Central Bank of Nigeria (CBN) intervened to clear outstanding dollar backlogs, resulting in a 10% depreciation from the preceding session.
This decline underscores the ongoing challenge of dollar scarcity and increased demand beyond official channels. The significant depreciation of the naira carries broad economic implications. Enterprises dependent on foreign exchange will encounter rising import costs, potentially resulting in inflationary pressures. Consumers might witness a decrease in purchasing power as the value of the naira continues to erode.
The situation also underscores broader challenges in Nigeria’s foreign exchange market, including lingering dollar scarcity. The central bank’s intervention to clear backlogs, while addressing specific concerns, has inadvertently intensified volatility, raising questions about the sustainability of such measures.
As the naira hits this record low, there is a pressing need for comprehensive and sustainable solutions to address the root causes of the foreign exchange challenges. Achieving stability in the currency is vital for restoring confidence, promoting economic growth, and mitigating the risks posed by the current economic downturn.
What solutions would you recommend to enhance the value of the naira?
Please share your views in the comment section below, and don’t forget to share.
It getting out of hands only God can help us oo
The dollar rate keeps increasing and cost of living is becoming more expensive but God would definitely see us through
Thanks so much for sharing this ma
Only God can intervene to this Nigeria economy situation
Nigeria need people with sincerity , patriotic leaders, that will help to rebuild the nation again.
Nawaoo
May God keep providing for Nigerians in Jesus name Amen 🙏
Ameeeeeeen 🙏🙏🙏
We have come. We have seen and we shall conquer. May God continue to provide and sustain for Nigerians.
The rate this dollar is even increasing is so alarming. That's why most business owners suffer great loss and it's discouraging international trading
Thanks for sharing ma
May God help us in this nation
God 🙏🙏 help us in this country
The government and nation at large should look for means establishing industries and other means generating income, and they should reduce importation
May God help us for this country
You know why I don't wanna talk much, because I don't deal in dollars 🤪🤪🤪
Na wa for Naira o
May God help us in this country
Beauty
Everytime dollar is raising and our government is not doing anything about it.
Thanks for this Ma'am I appreciate it
Momma Thank you so much for sharing