The Nigerian naira had a substantial decline against the US dollar on Thursday’s official market, reaching its lowest price ever.
Within the previous seven market sessions, there has been no movement of the local unit on the spot market.
The naira closed at N469.50 to the dollar on Thursday, the lowest price it has ever traded on the Investors and Exporters (I&E) window, according to data from the FMDQ securities exchange window where foreign exchange is officially transacted.
With $74.18 million reported as foreign turnover throughout the business day, the currency’s performance on Thursday represents an N4.83 or 1.04 percent depreciation from N464.67, where it has been trading since last week’s Wednesday.
Naira experienced a high of N460.00 and a low of N476.50 during the day prior
Less than two weeks after Bola Tinubu, Nigeria’s newly sworn-in president, suggested that the Central Bank of Nigeria must strive toward a uniform exchange rate during his inauguration speech on May 29, the naira has fallen at the official window.
The nation’s monetary policy, according to the president, needs to be thoroughly overhauled. He added that doing so will divert money away from arbitrage and toward investments in the factories, equipment, and employment that drive the real economy.
As of Thursday’s business closing, the disparity between the official and unofficial windows was N292.5, with a margin of 62.3%.
