On Thursday, the naira experienced a 13.78% drop to N956/$ in the official Investor and Exporter forex window, attributed to a 46.77% decrease in dollar supply.
This contrasts with Wednesday’s closing rate of N840.53/$, as reported by FMDQ Securities Exchange. The market also saw a decline in dollar turnover from $198.21m to $105.50m.
Despite efforts by the Central Bank to address foreign exchange forward contracts, the naira remains highly volatile, losing approximately 40% of its value since June, making it one of the worst-performing currencies globally.
The Economic Intelligence Unit highlights concerns about the CBN’s ability to manage the backlog of forex orders, predicting ongoing pressure on the naira due to unsupportive monetary policies and other economic factors.
