The Naira has continued to struggle against Dollar, losing a significant N210 in seven days at the foreign exchange market. According to Mistila Dayyabu, a Bureau De Change operator in Wuse Zone 4, the Naira was sold at N1500 per Dollar on Saturday, compared to N1,290 the same day last week. In the parallel market section, the Naira lost a whopping N210 weekly.
FMDQ data also showed that the Naira closed at N1466.31 per dollar on Saturday, compared to N1400.40 it traded last Friday. This represents an N65.91 or N4.5 per cent Naira depreciation against the dollar weekly.
Despite the daily turnover of dollars settling at $113 million on Friday from $84.38 the previous day, the Naira’s woes continue. After weeks of decline, Nigeria’s foreign reserve surged to $32.369 billion as of May 6, 2024.
As reported by Daily Post, the Naira’s depreciation has been attributed to various factors, including the scarcity of US currency in the local market. The Central Bank of Nigeria (CBN) has been working to address the issue, but the Naira’s performance remains a concern.
The CBN Governor, Yemi Cardoso, had previously lauded the Naira as the world’s best-performing currency as of April 2024. However, the recent downturn has put pressure on the CBN to consider further interest rate adjustments.
