Amidst a persistent currency crisis, the Nigerian Naira continues its staggering descent, marking new lows against the US Dollar in both official and parallel foreign exchange markets. This ongoing decline has raised concerns and heightened anticipation surrounding the upcoming monetary policy announcement by Central Bank of Nigeria (CBN) Governor, Dr. Olayemi Cardoso, expected at the Chartered Institute of Bankers of Nigeria (CIBN) event.
As per FMDQ Securities Exchange data, the Naira plunged to a new low of N956.33 against the Dollar, a stark drop from N840.53. This significant depreciation was echoed in parallel markets, witnessing rates of N1,142/$1 and N1,162/$1 in peer-to-peer and black market segments, respectively.
However, despite a momentary uptick in forex turnover to $198.21 million on Tuesday, trading volumes drastically plummeted to $105.50 million on Thursday, failing to halt the Naira’s downward spiral.
The absence of two Monetary Policy Committee (MPC) meetings following reforms introduced in June, aimed at currency stabilization, has fueled the anticipation surrounding Dr. Cardoso’s impending address.
This situation underlines the critical importance of forthcoming monetary policies in addressing the persisting currency crisis and fostering stability in Nigeria’s economic landscape.
