The Nigeria naira has plunged to a historic low, reaching N1348.63 against the US dollar in the Nigerian Autonomous Foreign Exchange Market.
Going by data from the FMDQ Securities Exchange, the unprecedented crash, reported in the official market on Monday, represents a significant 51.21% drop from the closing rate of N891.90/$ recorded on Friday.
This rate marks the worst official exchange the country has seen since the Central Bank of Nigeria (CBN) floated the national currency in June 2023.
The decline of the nation’s currency has been consistent, crossing the N1000/$ mark on the official window for the first time on the 8th of December 2023, and subsequently falling to new lows in the following weeks and months.
Despite efforts by the CBN and the Federal Government to bolster liquidity in the foreign exchange market, the naira continues to depreciate.
On the parallel market, the situation is no better, with Bureau de Change Operators citing a closing rate of N1,450/$ on Monday, a steep rise from N1,420/$ on Friday.