While the Nigerian president is seeking a Guinness World Record for what he has done so far.

The value of the nation’s currency has continued on a downward spiral against the dollar.

Naira's Value Crashes Further Against Dollar


The Nigerian Naira has continued its decline, hitting record lows in the official and parallel foreign exchange markets.

Data from the FMDQ Securities Exchange revealed that the Naira crashed from ₦840.53 on Thursday, to a new low of ₦‎956.33 against the dollar.

This significant depreciation was mirrored in parallel markets, where the Naira closed at ₦‎1,142/$1 and ₦‎1,162/$1 in peer-to-peer and black market segments, respectively.

Forex transactions declined, with trading volumes falling to $105.50 million on Thursday.

Have You Read: Cardoso Set To Reveal Monetary Policy Thrust, Economic Outlook For 2024

This drop in forex turnover comes despite a previous jump to $198.21 million on Tuesday, which failed to stop the Naira from crashing.

After bypassing two separate Monetary Policy Committee (MPC) meetings since implementing reforms in June.


Nigerians are, however, awaiting a bold policy outline from the Central Bank of Nigeria to reform and stabilize the currency.

Investors are also closely watching Dr. Olayemi Cardoso’s address to see how the central bank plans to tackle the ongoing forex market turmoil and restore value to the nation’s currency.


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