The Naira took a staggering hit against the US dollar, plummeting by N130 within a mere 24-hour period.
Mistila Dayyabu, a Bureau De Change operator, revealed this sharp decline, citing heightened demand as the driving force behind the Naira’s rapid descent to N1,420 per dollar from N1,290.
“The Naira depreciated to N1,420 per dollar on Sunday at the parallel market due to high demand,” Dayyabu explained. “We buy at N1,410 per dollar and sell at N1,420 as of Sunday. It was N1,290 per dollar on Friday.”
This sharp depreciation follows a brief period of stability, where the Naira experienced slight appreciation, both at official and parallel exchange markets. However, despite interventions by the Central Bank of Nigeria (CBN), the Naira’s value remains volatile, with fluctuations persisting.
Financial analyst Kalu Aja attributed the Naira’s brief appreciation in March to mid-April 2024 to the CBN’s interventions.
However, the recent plunge underscores the ongoing challenges facing Nigeria’s currency, as it grapples with external pressures and internal economic dynamics.
