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BREAKING: Naira hits record low of N1960 /EUR1 at the black market 

The parallel market exchange rate has experienced a significant decline, plummeting to a record low of N1960 per Euro, driven by persistent demand pressures that continue to erode the currency’s value.   

This marks a notable decrease of 5.36% or N105 compared to the N1,855 rate recorded the previous day at the black market. 

This depreciation stands as an unprecedented occurrence, representing the lowest point in the historical performance of the Naira against the Euro. 

 Concurrently, black-market exchange rates have continued to witness the devaluation of the Nigerian Naira, exacerbated by a substantial surge in inflation, as reported by the National Bureau of Statistics (NBS) for January 2024.  

The inflation rate surged to 29.90%, indicating a significant rise from the 28.92% recorded in the previous month.   

These developments persist despite the Central Bank of Nigeria’s (CBN) implementation of several policies aimed at bolstering the supply of foreign exchange (forex).  

TheTimes reported that it has been a tumultuous twenty-four hours on the renowned cryptocurrency platform, Binance, after the exchange rate between the naira and the popular stablecoin, Tether (USDT), plummeted to approximately N1900/USDT before subsequently rising to N1354.3. 

However, by 7 am on Thursday, February 22, the naira was trading between N1680-N1710/$1 USDT. 

The exact cause of the wild volatility experienced in the last 24 hours remains unclear, even as some attribute it to a broader crackdown on cryptocurrency trading by certain authorities, who argue that such activities have been contributing to the rapid devaluation of the naira. 

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