The Nigerian Naira experienced significant weakening against the United States Dollar across both official and black markets on Thursday, June 19. This depreciation occurred amidst ongoing strain in foreign exchange liquidity, with the Naira closing at N1,550.55/$1 in the official market and N1,585/$1 in the black market.
- In the Nigerian Autonomous Foreign Exchange Market (NAFEM), the Naira depreciated by N5.84 (0.37%) to N1,550.55/$1.
- In the black market, the domestic currency lost N5, settling at N1,585/$1.
- Nigeria's external reserves have fallen below the $38 billion mark, despite the Central Bank of Nigeria (CBN) maintaining interventions.
- The CBN's intervention in June appears reduced compared to May, when it defended the Naira with $580 million.
- The Naira also weakened against the Pound Sterling (N2,084.12/£1) but recorded a gain against the Euro (N1,799.35/€1) in the official market.
What does it mean when the very bedrock of daily commerce begins to shift, and the numbers that define our worth seem to whisper of erosion? It compels us to confront the unseen forces that gnaw at our collective purchasing power, transforming yesterday's comfort into today's struggle. This situation illuminates the raw emotions of anxiety and frustration as families watch their savings diminish and the cost of daily sustenance climb.
