ENUGU, Nigeria (VOICE OF NAIJA)- In a rapid and alarming turn of events, the Nigerian Naira is grappling with a substantial depreciation, sending shockwaves across other financial circles.
The latest exchange rates reveal a stark sow of: 1 USD is now equivalent to ₦1,409.278, 1 GBP to ₦1,761.772, 1 EUR to ₦1,505.788, and 1 CAD to ₦1,046.466.
This sudden devaluation raises however, presses concerns about the economic stability in Nigeria.
As the nation navigates this currency crisis, both local and international financial observers are closely monitoring developments, anticipating potential repercussions on trade, investment, and overall economic health.
READ ALSO: Naira Rises Heavily Against Dollar Amid Growing Forex Challenges
In a stark comparison with Thursday, 25 January, 2024, the Nigerian Naira is grappling with a significant decline, intensifying economic apprehensions.
The recent exchange rates showcase a notable shift between Thursday 25, January to Friday, 26, January: 1 USD has surged to ₦1,409.278 from the previous ₦1,400.760, 1 GBP to ₦1,761.772 from ₦1,746.810, 1 EUR to ₦1,505.788 from ₦1,493.000, and 1 CAD to ₦1,046.466 from ₦1,037.579.
Some have attributed this downturn to a combination of global economic factors, dwindling foreign reserves, and domestic challenges.