The naira suffered a major depreciation on Monday,
falling to a record low of N1,612.23 per dollar at the official foreign
exchange window, marking its weakest level since the announcement of U.S.
tariffs by former President Donald Trump.
Data from the Central Bank of Nigeria (CBN) revealed
that the local currency dropped by N45.21 compared to N1,567.02/$ recorded at
the close of trading last Friday.
The decline came despite the CBN’s $197 million
intervention in the forex market last week in a bid to stabilize the currency.
In the parallel market, foreign exchange traders also
reported a rise in the dollar rate. A Bureau de Change operator, Abubakar
Alhasan, based in Wuse Zone 4, Abuja, said the dollar was sold for N1,575 on
Monday—higher than Friday’s rate, signaling increasing pressure on the naira
across all market segments.
Monday’s sharp fall in the naira’s value coincided
with a slump on the Nigerian Exchange Market, which joined a global stock
market crash dubbed “Black Monday.”
The latest depreciation surpasses the rate recorded on
April 4, 2025, the day of Trump’s tariff announcement, which had already
sparked global financial jitters.
Market analysts say the naira’s continued fall
reflects broader investor concerns over Nigeria’s forex liquidity, external
reserves, and ongoing uncertainty in the global economy.
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