Nigerian Naira Continues to Decline: N1,830 per dollar
Written by Deborah Oyinloye on February 21, 2024
The Nigerian Naira has plunged to a record low, reaching N1,830 per dollar in the black market, marking a significant 7.10% drop from the previous day’s closing rate of N1,700. This unprecedented depreciation underscores the severity of the current economic challenges, representing the lowest point in the Naira’s historical performance.
The continuous devaluation of the Naira in the black market is compounded by a substantial surge in inflation, with the National Bureau of Statistics (NBS) reporting a surge to 29.90% in January 2024 from the previous month’s 28.92%.
Despite the Central Bank of Nigeria’s (CBN) efforts to increase the supply of foreign exchange (forex), the Naira’s decline persists. In the cryptocurrency market, the Naira settled at N1,876.50 per dollar as of 12 pm, today, Wednesday, February 21, 2024. However, cryptocurrency trading platform Binance has recently restricted trading on the Nigerian currency for the USDT stablecoin to address unusual currency movements and safeguard users.
While unconfirmed reports suggest intervention by the CBN and other government agencies in directing Binance to limit Nigerian traders from selling USDT, Binance has clarified that its platform operates on market dynamics and is not intended to serve as a proxy for currency pricing in Nigeria.
Author: Deborah Oyinloye
With an interest in media, Deborah aims to impart the lives of people positively.
Uriel On February 21, 2024 at 3:21 pm
May God have mercy upon us!