Economy
Naira Plummets, Loses N73 in Single Day Against Dollar
The Naira has resumed its downward trajectory against the dollar in the foreign exchange market. According to FMDQ data, the Naira fell sharply to N1533.99 per dollar on Thursday, down from N1459.02 on Wednesday. This marks a significant N73.98 drop within a single day.
In the parallel market, the situation was equally grim as the Naira depreciated to N1555 per dollar, compared to N1515 the previous day.
In a bid to tackle the ongoing forex crisis, the Central Bank of Nigeria has granted Approval-in-Principle (AIP) to 14 new International Money Transfer Operators (IMTOs). This move is aimed at doubling foreign-currency remittance inflows through formal channels.
Bureau De Change operators have attributed the recent depreciation of the Naira to a persistent shortage of foreign exchange.