Naira has continued to dipped in the parallel market with exchanging N1,520.123 for a Dollar on Wednesday.
According to @naira_rates in X (formerly Twitter), Naira goes for 1 USD ⇛ ₦1,520.123, 1 GBP ⇛ ₦1,884.665, 1 EUR ⇛ ₦1,607.136, and 1 CAD ⇛ ₦1,070.197.
Data from the FMDQ indicate that daily forex turnover stood at $72.33 million compared to the $64.29 million recorded on Monday, January 29, 2024, a 12.50% rise.
The naira traded at a high of N1,531 per dollar and a low of N789 per dollar. The naira’s depreciation came the same day the Central Bank of Nigeria (CBN) said it cleared all trapped funds belonging to foreign airlines with the release of $64.44 million. CBN disburse funds to foreign airlines.
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Following the removal of the rate cap on the national currency by the Central Bank of Nigeria in June 2023, the naira has experienced a notable decline on both the official and unofficial foreign exchange platforms.
This decline occurred despite the CBN releasing $500 million to address the backlog of verified foreign exchange (forex) transactions across various sectors.
Nigeria History on 𝕏 @History_Nig says ‘‘Naira crashing in the 80s under IBB regime at 1 USD ⇛ ₦18.’’
