Nigerian Naira plunges to new lows against US Dollar

The Nigerian Naira has continued its decline, hitting record lows in both the official and parallel foreign exchange markets. Amidst the ongoing currency crisis, Central Bank of Nigeria (CBN) Governor Dr. Olayemi Cardoso is expected to announce new monetary policies today at a Chartered Institute of Bankers of Nigeria (CIBN) event.

The Naira officially fell to a new low of N956.33 against the Dollar on Thursday, down from N840.53, according to data from FMDQ Securities Exchange. This significant depreciation was mirrored in parallel markets, where the Naira closed at N1,142/$1 and N1,162/$1 in peer-to-peer and black market segments, respectively.

Forex transactions have also seen a sharp decline, with trading volumes falling to $105.50 million on Thursday. This drop in forex turnover comes despite a previous jump to $198.21 million on Tuesday, which failed to stem the Naira’s downward trajectory.

The CBN governor’s upcoming policy outline is highly anticipated as the country has bypassed two Monetary Policy Committee (MPC) meetings since implementing reforms in June. These reforms were aimed at stabilizing the currency but have yet to yield the desired effect.

Investors and citizens alike are closely watching for Dr. Cardoso’s address for indications of how the central bank plans to tackle the ongoing forex market turmoil and restore value to the nation’s currency.

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