Naira has hit an all-time low against the Euro, plummeting to N1960 per Euro in the parallel market.
This staggering decline reflects a notable 5.36% drop, amounting to N105 less than the previous day’s rate of N1,855.
The relentless pressure on the currency, driven by persistent demand and exacerbated by heightened inflation, underscores the challenges facing the currency.
According to the National Bureau of Statistics (NBS), the inflation rate surged to 29.90% in January 2024, up from the previous month’s 28.92%.
Despite concerted efforts by the Central Bank of Nigeria (CBN) to bolster foreign exchange (forex) supply through various policies, the Naira continues to struggle against major foreign currencies.
The CBN’s interventions, designed to stabilize the forex market and manage the Naira’s value, have faced ongoing challenges in the face of mounting economic pressures.
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In the parallel forex market, where unofficial trading occurs, the Naira also experienced depreciation against the US Dollar. The exchange rate quoted at N1,880/$1 marked a 2.66% decrease from the previous day’s rate of N1,830.
The British Pound (GBP) also witnessed a decline, standing at £1/N2260, down by 2.21% compared to the previous day’s rate of £1/N2,210.
