According to Bloomberg, the naira earned its new status after it weakened by 4.3%, the most since October 15, to 1,670.65 to the dollar on Monday, October 28.
The federal government has faced challenges in stabilizing its currency since allowing it to trade freely against the dollar in June 2023.
This struggle largely stems from Nigeria’s failure to increase crude oil production, which has dropped to levels last seen in 1992.
Finance Minister Wale Edun expressed concern over the low production rates last week, stating that boosting output is essential to improving the foreign exchange position and strengthening the naira. BusinessDay reports.
Meanwhile, on Wednesday, October 30, in the Nigerian Autonomous Foreign Exchange Market (NAFEM), the naira depreciated against the dollar.
Data from FMDQ Securities showed that the Nigerian currency closed on Wednesday at N1,631.17/$.
This rate marks a slight 0.04% depreciation from Tuesday’s exchange rate of N1,630.45 to the dollar.
In the black market, the naira is exchanged at over N1,730 per US dollar as the festive season approaches, and pressure continues.
TimesNow.com.ng earlier reported that the Nigerian naira extended its free fall against the dollar in the official foreign exchange market.
According to data from the FMDQ Securities Exchange, the naira dropped in value in the Nigerian Autonomous Foreign Exchange Market (NAFEM) to exchange at N1,670.65/$1 on Monday, October 29.
Monday’s exchange rate represents a 4.4% or N70.65 depreciation compared with NN1,600/$1.which was traded on Friday last week.
Source: TimesNow.com.ng
