In a surprising development, the Nigerian naira experienced a noteworthy N81.34 decrease in value against the US dollar within just a single day in the foreign exchange market.
Data from FMDQ revealed that the naira plummeted to N1,154.08 per dollar on Thursday, a sharp decline from N1,072.74 recorded on Wednesday.
This marks a significant 7.04% decline compared to the previous day’s exchange rate of N1,072.74 per dollar.
Conversely, in the parallel market, the naira saw a drop to N1,100 per dollar on Thursday from N1,040 on Wednesday.
As a result, this marks the second instance of the naira losing value against the dollar in just three days, sparking concerns about dwindling foreign exchange reserves.
Meanwhile, the Governor of the Central Bank of Nigeria, Olayemi Cardoso, stated in a release on Wednesday that the country recently received a $600 million influx into its foreign reserves.
Prior to this, Nigeria’s foreign exchange reserves had fallen to $32.29 billion as of April 15.
However, Cardoso remains optimistic, stating that as long as there is ample liquidity in the country’s foreign exchange market, the naira’s worth can be maintained.