BREAKING: Many Nigerians ‘Injured’ As Naira Collapses Heavily

BREAKING: Many Nigerians ‘Injured’ As Naira Collapses Heavily

On Thursday, the naira experienced a decline to N956/$ on the official Investor and Exporter forex window, reflecting a 13.78 per cent drop from the N840.53/$ recorded in the previous day’s trading, as per data from the FMDQ Securities Exchange.

The decline was attributed to a 46.77 per cent reduction in dollar supply. Additionally, the turnover of dollars traded in the market decreased from $198.21m on Wednesday to $105.50m.

Read Also Kyari Reveals Take Off Dates For Nigeria’s Refineries

The day saw the naira starting at N800.90/$, reaching a high of N1136/$ and N615/$, and ultimately closing trading at N956.33/$.

Read Also What Tinubu Inherited – Soludo Opens Up With Stunning Revelations

Despite recent efforts by the Central Bank to address the backlog of foreign exchange forward contracts, the naira’s instability persists. The currency has been among the worst-performing globally, having lost approximately 40 per cent of its value since June, according to the World Bank.

The Economic Intelligence Unit, the research and analysis arm of the Economist Group, recently disclosed that the Central Bank lacks the necessary resources to clear the backlog of foreign exchange orders, indicating ongoing pressure on the naira.

It stated, “In Nigeria, an unsupportive monetary policy implies that the naira will remain under pressure, while the central bank lacks the firepower to adequately supply the market or clear a backlog of foreign exchange orders, which will keep foreign investors unnerved. High inflation and a continued spread with the parallel market will leave the exchange rate regime unstable and result in periodic devaluations.”

Stay Updated With More News By Joining Our WhatsApp Group With The Link Below

https://chat.whatsapp.com/HbO11pwVPsL8tBHkSChpMe