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UPDATE: Naira Slumps To N1,025/$ As Forex Crisis Worsens

The Naira, Nigeria’s currency, fell to N1,025 per dollar on Wednesday’s alternative foreign exchange market as forex constraint increased.

On Wednesday, Ahmed Gazali, a Bureau De Change operator in Wuse Zone 4, confirmed this to Newsmen.

He believes that if the Federal Government does nothing to avert the catastrophe, the situation in the FX market will worsen.

“Right now, it’s difficult to explain the scarcity. The problem is not getting better. If nothing is done, it may deteriorate. “There is no foreign currency available,” he stated.

 

Meanwhile, the FMDQ numbers revealed that the Naira declined slightly and finished at N765.83/$ on Tuesday, down from N765.02/$ on Monday.

According to TheTimesonline.ng, on June 14, 2023, the Central Bank of Nigeria directed commercial banks to freely trade Naira in the FX market. As a result, the country’s currency had been in free collapse.

The House of Representatives directed CBN Governor Olayemi Cardoso on Tuesday to devise a monetary policy to avert a currency crisis.

 

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