The Nigerian Naira hits a three-week low, closing at N1,488.60 against the US Dollar on the official market, indicating heightened volatility. Amid economic challenges, policymakers strive to stabilize the forex market through fiscal and monetary measures.
The Nigerian Naira has plummeted to its lowest level in three weeks, closing at N1,488.60 against the US Dollar on the official market. This 0.78% drop, recorded on the NAFEM window, underscores the currency's volatility amidst economic pressures.
Despite recent efforts by the Central Bank of Nigeria to stabilize the forex market, challenges persist, impacting investor confidence and economic stability. Additionally, President Bola Ahmed Tinubu's fiscal measures aim to alleviate pressure on the naira by discontinuing taxes on foreign currency and promoting local procurement.
The ongoing FX reforms are crucial for attracting foreign investment and strengthening Nigeria's current account.
