While Chief Bola Ahmed Tinubu is reportedly on an official private visit to France, Nigerian Naira grapples with a historic low and approaches the unsettling threshold of N1500 against the US dollar in the forex market.
As of 9:00 AM on Tuesday, January 30, 2024, the exchange rate stood at ₦1,490.514 for 1 USD.
This marks a significant tumble for the national currency, raising concerns and garnering attention from economic observers.
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The impact of this depreciation extends beyond the USD-Naira pair, with other major currencies also witnessing noteworthy shifts.
For instance, the exchange rate for 1 GBP reached ₦1,855.291, while 1 EUR was valued at ₦1,585.719.
Additionally, the Canadian Dollar (CAD) showed a rate of ₦1,102.015 for 1 CAD.
The depreciation comes despite the forex turnover at the close of trading, which was $64.29 million, representing a 36.33 percent increase compared to the previous day.
Recall that the Central Bank of Nigeria released another N500 million to the forex market to clear the verified forex backlog.
This development comes barely a week after the bank injected approximately $2 billion to settle outstanding commitments across the manufacturing, aviation, and petroleum sectors.