CurrentReport Blog The Nigerian naira has experienced a staggering decline against the US dollar, reaching an all-time low in both official and parallel foreign exchange markets. This alarming development exacerbates the nation’s ongoing foreign exchange crisis, posing significant challenges to its economic stability.
Data sourced from FMDQ indicates a notable depreciation of the naira, plummeting from N1,574.62 per US dollar at the beginning of the week to N1,537.96 by the week’s end. This represents a substantial loss of N36.66 or 2.3%, highlighting the severity of the currency’s decline.
Similarly, in the parallel market, the naira witnessed a sharp drop, sliding to N1,660 per US dollar from N1,590 within the same timeframe. Dayyabu Mistila, a prominent Bureau De Change operator, confirmed these distressing developments.
This downward spiral occurs amidst intensified efforts to curb illegal Bureau De Change activities, with reports of 50 individuals arrested in Wuse Zone 4, Abuja, by the Economic and Financial Crime Commission (EFCC) on Monday.
Despite the Central Bank of Nigeria’s (CBN) recent introduction of new guidelines aimed at addressing the crisis, including the cessation of cash payouts for Personal Travel Allowance (PTA) and Business Travel Allowance (BTA), as well as restrictions on international oil companies (IOCs) from repatriating 100% of their forex revenue, the naira’s depreciation persists.
