On Thursday, February 15th, the Naira’s downward spiral persisted as it declined to N1,610 against the United States Dollar (USD) on the parallel market.
By the end of the business day, the Naira, having initially dropped to N1,515.28 against the Dollar at the Nigeria Autonomous Foreign Exchange (NAFEX) window, saw a slight recovery to N1,498.25.
Nonetheless, on Thursday, transactions at the parallel market reflected a further depreciation of the Naira, trading between N1,610 and N1,615 against the Dollar, a notable decrease from the previous day’s rate of N1,550.
Despite multiple interventions by the Central Bank of Nigeria (CBN), the Naira has faced persistent pressure, exacerbating the country’s cost of living crisis and inflation.
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