ENUGU, Nigeria (VOICE OF NAIJA)- The plight of the Naira reached new depths on Tuesday, experiencing a 42 per cent crash against the US dollar within two days in the foreign exchange market.
According to data from FMDQ, the Naira further plummeted to an unprecedented low of N1,482.57 per US Dollar on Tuesday, marking a 9 per cent or 133.94 loss compared to the previous day’s closing rate of N1,348.63.
This latest depreciation follows a series of declines, with the Naira breaching the N1,000 per US dollar threshold on multiple occasions.
Notably, on Monday, 29 January, this year, and in December 2023, the Naira quoted at N1,348.63, N1,099.05, and N1,043.09 per dollar, respectively.
READ ALSO: Naira Hits All-Time Low, Trades At ₦1348/$ On Official Window
Despite efforts by the Central Bank of Nigeria (CBN), which released N500 million to clear verified forex backlog and an additional $64.6 million to address the forex backlog of foreign airlines on Tuesday, the Naira continued its free fall against the dollar in the forex market.
This alarming depreciation is significant as it marks the first time, since the floating of the Naira on June 14, 2023, that the official market exchange rate has surpassed that of the parallel market by N12.57.
The CBN’s injection of approximately $2 billion to settle outstanding commitments across key sectors like manufacturing, aviation, and petroleum has yet to stabilize the Naira’s decline.