The Nigerian naira continues its alarming decline, reaching an unprecedented N1,825 against the dollar despite the Economic Financial Crimes Commission's (EFCC) efforts to curb manipulative practices.
The agency's recent raid on Abuja Zone 4 market, where gunfire was employed to halt the naira's fall, proved ineffective as the currency dipped further within 24 hours. This downward spiral marks an all-time low in Nigeria's history, challenging the Central Bank's attempts to salvage the situation.
Analysts attribute the accelerated freefall to President Bola Tinubu's economic policies, including the scrapping of fuel subsidies and the consolidation of foreign exchange windows, resulting in a 98% devaluation of the naira.
The persistent decline raises concerns about inflation and economic purchasing power, prompting strategic moves by Tinubu's administration, such as petrol subsidy removal and the adoption of a clean float foreign exchange management, aimed at revitalizing the economy in 2024.
![Today's Naira Rate [02-05-2024]: Economic Concerns Heighten as Naira Weakens Further Against Dollar at ₦1402/$1](/data/attachments/203/203550-8457c57119a478bc5717b11aa4a694ef.jpg)