Naira woes worsened on Tuesday, crashing by 42 per cent against the US dollar in the foreign exchange market in two days.
Data from FMDQ showed that the Naira further plummeted to an all-time low of N1,482.57 per US Dollar on Tuesday from N1,348.63 on Monday.
This represents a 9 per cent or 133.94 loss compared to N1,348.63 recorded at the close of trading on Monday.
In recent instances, the Naira has exceeded the N1,000 per US dollar mark on several occasions, quoting N1,348.63, N1,099.05, and N1,043.09 per dollar on January 29th, December 8th, and 28th last year, respectively.
Furthermore, the exchange rate depreciated by 1.4%, reaching N1,470 per US dollar.
The official market exchange rate has now surpassed that of the parallel market by N12.57, marking the first time since the floating of the Naira on June 14, 2023.
Despite the Central Bank of Nigeria’s efforts, including releasing N500 million to clear verified forex backlog and an additional $64.6 million to address the forex backlog of foreign airlines, the Naira has continued to weaken against the dollar in the forex market.
The Central Bank has previously injected approximately $2 billion to settle outstanding commitments in the manufacturing, aviation, and petroleum sectors.
However, these measures have not halted the Naira’s free fall against the dollar.
