The naira continues to fall against the dollar, with official rates dropping to N1,611.40 and black market rates to N1,600. Despite the Central Bank's $148 million intervention, the naira's value has declined, sparking concerns and calls for economic reforms to stabilize Nigeria's currency.
The naira continues to depreciate against the dollar, with significant drops observed on both the official and black markets. According to FMDQ data, the naira weakened by N2.11 to N1,611.40 per dollar on Monday, compared to N1,609.29 traded last Friday. Similarly, the black market exchange rate dropped by N5 to N1,600 per dollar from the previous week’s rate of N1,595. This decline persists despite the Central Bank of Nigeria’s efforts, which included the sale of $148 million to 29 authorized foreign exchange dealers last week. Over the past two weeks, the Central Bank has sold a total of $254.5 million to legitimate FX dealers.
Commentators on Nairaland have expressed their concerns and opinions regarding the ongoing depreciation. One user emphasized the need for Nigeria to become a production-oriented nation to stabilize its economy and address forex issues. Another described the situation as a "free fall," reflecting the dire state of the naira. Some comments took a more humorous approach, attributing the decline to various economic factors and even comparing it to gravitational acceleration.
The depreciation of the naira remains a critical issue, impacting various sectors of the economy and highlighting the need for strategic economic reforms. The Central Bank’s interventions have yet to yield the desired stabilization, as market forces continue to push the naira's value downwards. Without significant changes in economic policies and increased production, the naira's struggle against the dollar is expected to continue.
