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Naira hits record low against major currencies despite regulatory efforts

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The Nigerian Naira continued its downward trend against major currencies, hitting a record low on Monday. Despite the Central Bank of Nigeria’s (CBN) efforts to manage the currency value by floating it on June 14 and lifting forex restrictions on commodities, the Naira’s depreciation persisted.

According to Aboki FX, the Naira started the day at an exchange rate of N1,200 per dollar in the unofficial market but escalated to N1,205 per dollar by noon due to high dollar demand. This followed a closing rate of N808.27 on Friday at the FMDQ market, as reported by Bureau De Change Operator Dayyabu Mistila.

The Naira also depreciated against the British Pound and Euro. The buying and selling prices for naira to pound began at N1,380/£ and N1,390/£ respectively, escalating to N1,430/£ and N1,450/£ within hours. Similarly, the Euro opened with buying and selling prices at N1,180/€ and N1,190/€ which rose to N1,230/€ and N1,240/€ by noon.

Analysts attribute the continuous fall in the Naira’s value to demands from the 43 items restored to access foreign cash and school fees among other factors. The Association of Bureaux De Change Operators of Nigeria (ABCON), under Aminu Gwadabe’s leadership, denied involvement in the naira’s depreciation, blaming unlicensed forex dealers for speculative activities.

Despite the intense economic situation in Nigeria, startup coverage by Legit.ng has earned them a nomination for the #StartupSouth Awards 2023.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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