Naira continues to plummet against the Dollar in the parallel market

Nigeria’s economy continues to take its frantic turn as the Naira suffers day by day against the American Dollar in the parallel market.

The Nigerian naira continues its free fall in the parallel market as Nigeria’s economy takes a darker turn against the American dollar.

The currency witnessed a further decline on Thursday, February 15, reaching an alarming low of N1,610 against the United States Dollar in the parallel market.

Closing business on Thursday, the Naira initially showed signs of slight recovery as it edged up to N1,498.25 against the Dollar at the Nigeria Autonomous Foreign Exchange (NAFEX) window, from a previous low of N1,515.28. However, this positive momentum was short-lived.

At the informal market, the Naira’s value continued its downward spiral, with transactions occurring at rates ranging between N1,610 and N1,615 against the Dollar. This marked a significant drop from the N1,550 rate observed just a day prior.

Despite numerous efforts by the Central Bank of Nigeria (CBN) to stabilize the currency, the only consistency the Naira has shown against the Dollar is its downward trajectory as Nigeria’s economy continues to suffer.

This persistent decline not only exacerbates the existing cost of living crisis but also contributes to worsening inflation rates across the nation.

The government needs an urgent policy or a shift to turn the economic tide around or risk the currency spiraling out of control.