The naira takes a hit, tumbling to N1,234 against the dollar at the official market, marking a significant drop from N1,169.99/$1 recorded on Friday, with speculators resuming hoarding activities.
Despite earlier projections of the naira trading below N1,000/$1, the currency’s value plummeted, raising concerns following remarks from CBN Governor, Yemi Cardoso, signaling a shift in the bank’s stance on defending the naira.
Meanwhile, Nigeria’s foreign exchange reserves continue a downward trend, hitting a new low of $32.1bn on April 18, 2024, shedding $2.35bn in just 31 days.
Observers attribute the naira’s recent decline to alleged market manipulation by new crypto exchange platforms, BYBIT and BITGET, following earlier misfortune linked to Binance.
Currency traders at the parallel market now sell the dollar between N1,250 and N1,270, indicating market forces at play, while uncertainties loom over further fluctuations in the coming days.
The naira’s recent setback ends its remarkable surge since late March, halting its status as the best-performing currency globally, raising concerns among traders and stakeholders about the currency’s stability.
