Naira Crashes Further, Exchanges At Over ₦1,500 Against The Dollar

The Nigerian currency, the naira, continued its downward trajectory on Monday as it faced further devaluation against the US dollar in the foreign exchange market.

Data sourced from both the parallel market and the FMDQ, disclosed that the naira experienced a significant depreciation.

At the parallel market, a Bureau De Change operator located in Wuse Zone 4, Mistila Dayyabu, told Dailypost that the naira had been traded as high as ₦1,517 per dollar earlier in the day but settled at ₦1,500 per dollar by evening due to speculations about an impending crackdown by the Economic and Financial Crimes Commission (EFCC).

“The dollar was initially sold at ₦1,517 per dollar on Monday morning. However, upon hearing rumours of EFCC operatives’ impending visit, we reduced the rate to ₦1,500 by the evening,” Dayyabu disclosed.

This marked an increase from the ₦1,450 per dollar rate observed over the weekend.

In the official market, according to data from the FMDQ, the naira fell to ₦1478.11 per dollar on Monday, down from ₦1466.31 the previous Friday. This drop represents a decline of ₦11.8.

Amidst these currency fluctuations, Olayemi Cardoso, the Governor of the Central Bank of Nigeria, reassured that the apex bank’s Monetary Policy Committee is committed to tackling the country’s soaring inflation rate, which stood at 33.22% in March 2024.

The continual devaluation of the naira reflects persistent economic pressures and the challenges faced by Nigeria’s financial regulators in stabilizing the currency and curbing inflation.