Naira crashes massively against dollar 24 hours after Tinubu’s anniversary

In the foreign currency market, the Naira saw its first significant depreciation versus the dollar 24 hours after President Bola Ahmed Tinubu’s first anniversary.

The Naira lost value versus the dollar on Thursday, falling to N1484.75 from N1329.65 on Wednesday, according to FMDQ statistics.

Concerning the N155.1 loss vs the USD, this contrasts the N1329.65 transacted on Wednesday.

Similarly, the currency at the parallel market segment dropped from N1480 per dollar the day before to N1490 on Thursday.

This occurred when foreign exchange transactions decreased from $328 million on Tuesday to $235.41 million on Thursday.

As a result, on May 23, 2024, the Central Bank of Nigeria published new rules for Bureau De Change operators, marking the last time the Naira declined at both the official and black market foreign exchange markets.

Despite CBN interventions, the Naira has been fluctuating against the dollar in the forex market since mid-April.

At the most recent 295th Monetary Policy Committee, CBN Governor Olayemi Cardoso attributed the volatility to seasonal variations.

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