Nigeria Today's Naira Rate [22-04-2024]: Naira Slumps Further, Trades at N1,260/$ at Parallel Market

The Nigerian Naira faced further devaluation on Wednesday, reaching a record low of N1,260 against the US dollar in the parallel foreign exchange market. This marks a significant 2.44 percent decline from the N1,230 exchange rate recorded just days prior on April 19.

At the official window, the naira also experienced a steep depreciation to N1,234.49 per dollar, reflecting a 5.51 percent drop from the previous rate. Despite efforts by the Central Bank of Nigeria (CBN) to stabilize the currency, including statements from CBN Governor Yemi Cardoso affirming measures to achieve exchange rate stability, concerns persist over the naira's ongoing decline and its implications for the country's economy.