In a swift currency crisis, Nigeria's Naira nosedives, plummeted by N130 against the US Dollar, reaching an alarming exchange rate of N1420 within 24 hours. Economic concerns surge as high demand drives the depreciation despite Central Bank interventions.
The Naira faced a significant depreciation, plummeting by N130 against the US Dollar within a mere 24-hour period at the parallel foreign exchange market. Mistila Dayyabu, a Bureau De Change operator, revealed this alarming trend, citing high demand as a driving factor behind the currency's plunge to N1,420 per dollar, marking a stark contrast from its previous rate of N1,290 within 48 hours.
Despite recent appreciations, the Naira's instability persists, defying interventions by the Central Bank of Nigeria (CBN). Financial analyst Kalu Aja attributed the earlier Naira appreciation to CBN's interventions but noted the currency's ongoing fluctuations.
As Nigeria struggles with economic uncertainty, the implications of this rapid devaluation loom large, raising concerns about inflation, consumer purchasing power, and the broader economic outlook.
