Naira Plunges to New Lows Against Dollar Despite Forex Turnover Surge

The Nigerian currency, the Naira, suffered a significant loss against the US dollar at the foreign exchange market on Thursday. According to data from FMDQ, the Naira closed at N900.96 per dollar on Thursday, down by N18.72 or 2.12 per cent from N882.24 per dollar on Wednesday.

The Naira also fell at the parallel forex market, where the exchange rate hit a new low of N1,410 per dollar on Thursday, a 0.37 per cent drop from N1,365 per dollar on Wednesday.

The depreciation of the Naira occurred despite the forex turnover rising by 103.52 per cent, trading at $115.19 million at the end of Thursday.

Daily24 Apps reports that the Naira had also weakened on Wednesday, meaning that the currency has lost N22.35 in the past two days.

The Central Bank of Nigeria governor, Olayemi Cardoso, in his address at the Nigeria Economic Group outlook for 2024 on Wednesday, promised that the apex bank will work towards real price discovery in the foreign exchange market.

This is a worrying and alarming story of how the Naira is losing its value against the dollar, affecting the economy and the people. We hope that the Central Bank of Nigeria will take effective measures to stabilize the exchange rate and restore confidence in the Naira.