The Naira experiences a decline in the parallel market, concluding the day at 900 Naira per US dollar in the official window

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The Nigerian naira reached a historic low of N1,400/$ in the parallel market on Thursday, despite the Central Bank of Nigeria’s efforts to stabilize the currency.

Bureau de Change Operators confirmed the depreciation, citing continued dollar scarcity.

On the official Investor and Exporter window, the naira depreciated to N900.96/$, reflecting uncertainty amid high demand.

The cryptocurrency peer-to-peer market also saw the naira at N1,400/$.

Despite CBN initiatives, including FX backlog payments and an oil-for-cash loan, the market remains under pressure.

CBN Governor Olayemi Cardoso anticipates stabilization in 2024, citing reduced petroleum imports and a market-determined exchange rate policy.

IMF attributes exchange rate volatility to excess naira, structural factors, and market learning curve.

Projections suggest the naira might further depreciate to N1,500/$ in 2024.

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