The Naira plunged to a record low against the dollar at the foreign exchange market 24 hours after President Bola Ahmed Tinubu’s first anniversary.
FMDQ data showed that the Naira depreciated to N1484.75
against the Dollar on Thursday from N1329.65 on Wednesday.
This represents an N155.1 loss against the dollar compared
to N1329.65 traded on Wednesday.
Similarly, at the parallel market section the depreciated to
N1490 per dollar on Thursday from N1480 the previous day.
The development comes as the turnover of foreign exchange
transactions dropped to $235.41 million on Thursday from $328 million on
Tuesday.
Accordingly, the last time the Naira depreciated at both
official and parallel foreign exchange markets was on May 23, 2024, when the
Central Bank of Nigeria announced fresh guidelines to Bureau De Change
operators.
Since mid-April, the Naira has continued to fluctuate
against the dollar at the forex market despite CBN interventions.
Olayemi Cardoso, the governor of CBN at the last 295th
Monetary Policy Committee blamed the volatility on seasonal fluctuations.