Naira Plunges to Record Low Against Dollar Amid Forex Crisis

The Nigerian currency, the Naira, has continued to lose value against the US dollar in the foreign exchange market.

According to data from FMDQ, the Naira fell to N925.34 per US dollar on Monday, from N902.45 on Friday. This represents a 2.54 per cent decline in the official market.

The Naira also weakened in the parallel market, where it traded at N1,360 per US dollar, down by 0.74 per cent.

The Association of Bureau De Change Operators of Nigeria (ABCON) attributed the Naira’s depreciation to the activities of dollar hoarders who are creating artificial scarcity of the greenback.

The Naira’s woes come as the Central Bank of Nigeria (CBN) governor, Olayemi Cardoso, prepares to hold his maiden Monetary Policy Committee (MPC) meeting on February 26 and 27, 2024.

The MPC is expected to review the current economic situation and decide on the appropriate monetary policy stance to address the forex crisis and other challenges facing the economy.