The Naira’s downward spiral against the Dollar has reached alarming proportions, with the Nigerian currency plummeting to a new low of N1609.29 per Dollar on Friday, marking a staggering loss of N5.49 from the previous day’s rate of N1603.80.
This dismal performance is a far cry from the Naira’s brief respite the previous week, when the Central Bank of Nigeria’s (CBN) intervention of selling $106.5 million in the foreign exchange market provided a temporary boost.
The black market has also borne the brunt of the Naira’s decline, with the currency crashing to N1,595 per Dollar on Friday, a significant drop from N1,590 the day before.
This trend paints a grim picture of the Naira’s performance against the Dollar over the past week, leaving many to wonder when the currency’s free fall will finally come to an end.
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As the Naira continues to struggle, the exchange rate has become increasingly volatile, fluctuating wildly over the last 30 and 90-day periods.
With a high of 0.00066342 and a low of 0.00061595, respectively, the Naira’s value has become increasingly unpredictable, making it challenging for businesses and individuals to navigate the foreign exchange market.
The CBN’s intervention, which was hailed as a temporary solution, has failed to stem the tide of the Naira’s decline, leaving many to question the long-term viability of the currency.
As the Naira continues its downward trajectory, one thing is clear: urgent action is needed to stabilize the currency and restore confidence in the Nigerian economy.
