The value of the naira has taken a significant hit in the official foreign exchange market, reaching a new low of N1,600 per dollar. This represents a decline of N31 in the naira’s value compared to the previous rate of N1,569.
According to data from the Central Bank of Nigeria, the official exchange rate has been fluctuating over the past few months. The naira had maintained a relatively stable rate of around N1,500 per dollar for the past three months before the recent decline.
The naira has also weakened in the black market, trading at N1,565 per dollar compared to N1,555 the day before. This has resulted in a widening gap between the official and parallel market rates, which now stands at N35.
The decline in the naira’s value is likely to have significant implications for the economy. A weaker naira can lead to higher import costs, which may result in increased prices for goods and services.
We spoke to several experts in the field to get their thoughts on the recent decline in the naira’s value.
“The decline in the naira’s value is a cause for concern. A weaker naira can lead to higher inflation and reduced economic growth. The government needs to take steps to stabilize the currency and restore investor confidence.”
“The naira’s decline is not surprising, given the current economic conditions. However, the government needs to take action to address the underlying issues driving the currency’s decline. This includes implementing policies to boost economic growth and reduce inflation.”