The downward trend of the naira against the dollar has prompted Nigerians to pose questions to Yemi Cardoso, the Governor of the Central Bank of Nigeria about the continued depreciation of the currency.
The slump started on Monday, April 22, 2024, when the naira slightly depreciated in the official market, trading at ₦1,234.49 to the dollar.
By Wednesday, April 24, the currency had depreciated to ₦1,308.52 to the dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEM).
According to the News Agency of Nigeria, data from the official trading platform of the FMDQ Exchange, a platform that oversees the Nigerian Autonomous Foreign Exchange Market (NAFEM), showed that the naira lost ₦8.37 on Wednesday.
24 hours later, the naira fell further to ₦1,309 per dollar at the official market and ₦1,420 at the parallel market.
A Bureau de Change operator at the Zone Complex in Wuse, in Abuja confirmed to Pulse that currently, the naira trades between ₦1400 and ₦1420 to the dollar.
The fall of the naira, despite the CBN intervention, came after its consistent appreciation against the dollar as Nigerians praised Cardoso for overseeing the rise of currency amid the economic crisis the country battles with.
The continued downward trend of the naira is said to have been triggered by the renewed demand for the dollar in the foreign exchange market.
