Nigerian Naira Falls To Record Low Of N1,515 /$1 At The Parallel Market

[exBanker]

The Nigerian Naira had reportedly fallen to a record low of N1,515 per USD at the black market. This report is from Nairametrics:

Naira has fallen to a record low of N1,515 per dollar following strong demand on the parallel market, also known as the black market.

This represents 1.32% or N20.00 weaker than N1,495 it traded in the morning today according to Nairametrics tracker.

This despite analysts’ optimism that the new FX rules by the apex bank would shore up dollar supply from commercial banks and stabilise naira in the immediate terms.

The Central Bank of Nigeria (CBN) had yesterday released a new circular addressing suspected cases of excessive foreign currency speculation and hoarding from Nigerian banks.

The current depreciation is unparalleled and stands as the lowest point in the historical performance of the Naira, reflecting the severity of the current economic challenges.

https://nairametrics.com/2024/02/01/bre ... JVycjWSU14

[Jared]

Cbn using artificial measures to rescue naira? Nigeria needs a combo of both fiscal and economic policies to rescue the currency

[Bopoto]

Naira is going down. When will this stop? 5k per dollar?

Painful thing is the giant of Africa has weakest currency.

[CarolinaBaby1]

The only thing that goes up and later comes down in this country is "nothing"

[Jared]

The only thing that goes up and later comes down in this country is "nothing"

Facto.

[YoungA]

We need to get to go back to the almighty Naira please

[Jared]

We need to get to go back to the almighty Naira please

And how possible is that?

[Greatness]

Where is jagaban, the master strategist ?

[Jared]

Where is jagaban, the master strategist ?

What if all these are deliberate?

[Greatness]

Where is jagaban, the master strategist ?

What if all these are deliberate?

He claims to be all in all, even his predecessor didn't fail woefully like this.