Naira lost more value against the US dollar at the official and Black market.
NewsOnline Nigeria reports that the Nigerian Naira’s ongoing battle against the US Dollar has persisted, with the nation’s currency experiencing a further decline in value across all foreign exchange markets on Thursday, October 5, 2023.
This disheartening trend has been characterized by supply shortages and a lack of clear guidance from the new management team at the Central Bank of Nigeria (CBN), even weeks after their confirmation by the Nigerian Senate.
Despite the confirmation of Mr. Yemi Cardoso and four other deputy governors, the CBN’s new leadership has yet to articulate a clear policy direction, particularly regarding forex supply. This absence of strategic direction has left the market in a state of uncertainty and has fueled reactions within the forex market.
Data from FMDQ Securities revealed significant declines in the Naira’s exchange rate against the US Dollar in various market segments:
Impact on Other Currencies
The struggles of the Naira are not limited to its exchange rate against the US Dollar. In addition:
These developments underscore the challenges facing Nigeria’s foreign exchange market and the broader economy. The lack of clarity and policy direction from the CBN, coupled with supply issues, continues to exert downward pressure on the Naira’s value, impacting businesses, investors, and ordinary citizens alike. Observers and stakeholders will be closely monitoring the situation, hoping for stability and a path toward economic recovery in the near future.
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