The Naira has dropped to N1,612 per dollar at the official market, marking its lowest point in four months. Despite a $197.71 million intervention by the Central Bank of Nigeria, the currency continues to depreciate. Experts urge the CBN to boost liquidity and focus on stabilizing the market.
The Naira experienced a significant drop on Monday, reaching N1,612 per US dollar at the official foreign exchange market. This marks its lowest value in four months, as the currency fell by 2.89% from N1,567 on April 4. The parallel market mirrored this decline, with the Naira trading at N1,620 per dollar.
Despite a $197.71 million injection by the Central Bank of Nigeria (CBN) to support the currency, the Naira’s depreciation persists. The CBN’s action, aimed at ensuring liquidity and maintaining market stability, comes after global economic pressures, including recent tariff announcements, added to existing economic difficulties.
Aminu Gwadabe, president of the Association of Bureau De Change Operators of Nigeria (ABCON), emphasized the need for the CBN to inject liquidity into the interbank and retail markets. This move is crucial to addressing the demand for currency transactions by small and medium-sized businesses, as well as meeting the needs of ordinary Nigerians.
