The naira slipped to an all-time low of N1681 per greenback on the official Investor and Exporter (I&E) window on Tuesday, November 6, 2024, in keeping with knowledge from the FMDQ Change.
This drop in worth highlights the persistent pressures on Nigeria’s overseas trade market and represents a brand new low level for the forex.
Tuesday’s charge decline follows Monday’s closing worth of N1676.9/$1, which had already set a yearly excessive, reflecting the naira’s accelerated depreciation in opposition to the greenback in latest months.
The naira’s depreciation coincides with the U.S. presidential election, during which former President Donald Trump defeated Vice President Kamala Harris to reclaim workplace. Trump’s anticipated {economic} insurance policies could convey combined impacts for Nigeria’s financial system:
Nigeria’s forex has depreciated by roughly 45% this 12 months, some of the important drops worldwide.
The widening hole between official and unofficial charges has added stress on the Central {Bank} to handle liquidity within the foreign exchange market.
