Naira Hits Historic Low, Approaches N1500 Against US Dollar While Tinubu Flexes In Paris

Chief Bola Ahmed Tinubu is purportedly on an official private visit to France, but in the currency market, the value of the Nigerian Naira is nearing a dangerous level as it approaches N1500 versus the US dollar.

The exchange rate for one US dollar at 9:00 AM on Tuesday, January 30, 2024, was ₦1,490.514.

This represents a dramatic decline in the value of the national currency, causing economists to express concern and pay attention.

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Not only does this devaluation affect the USD-Naira pair, but it also causes notable movements in other major currencies.

For example, 1 GBP was worth ₦1,855.291 at that time, and 1 EUR was worth ₦1,585.719.

Furthermore, the exchange rate for one Canadian dollar (CAD) was ₦1,102.015.

The depreciation occurs in spite of the fact that the FX turnover at the end of trade was $64.29 million, up 36.33 percent from the day before.

Remember that in order to clear the confirmed forex backlog, the Central Bank of Nigeria issued an additional N500 million into the currency market?

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This event occurs just one week after the bank provided about $2 billion to settle outstanding debt in the petroleum, aviation, and manufacturing industries.


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