The Nigerian naira experienced a significant decline yesterday, reaching an exchange rate of N1,639.41 per dollar in the official market.
This sharp drop highlights ongoing challenges for the local currency, which has been struggling against the dollar for some time.
The latest rate represents a substantial fall of N34 from the previous day’s rate of N1,606 per dollar, based on data from the Nigerian Autonomous Foreign Exchange Market (NAFEM).
This continuing decline raises concerns among businesses and consumers who are already facing increased costs for imported goods and services.
Experts have pointed to several factors contributing to the naira’s depreciation, including a lack of confidence in the currency, rising inflation, and dwindling foreign reserves.
The Central Bank of Nigeria has been attempting various measures to stabilize the currency, but the pressures from high demand for foreign exchange and limited supply continue to weigh heavily on the naira.
