The Naira maintained its downward trend, reaching N1,510.10 against the US Dollar as reported by Daily Trust. This represents a three-naira increase from Wednesday’s closing rate of N1,507, according to the Nigerian Autonomous Foreign Exchange Market (NAFEM) data from the FMDQ Group.
Despite concerted efforts by the Central Bank of Nigeria (CBN) through interventions and policy adjustments aimed at stabilizing the foreign exchange market, the depreciation persists.
The CBN’s unification policy, implemented to streamline exchange rates, has inadvertently contributed to the escalating inflation and heightened cost of living in Nigeria. Efforts to mitigate these effects have yet to yield sustainable results, reflecting ongoing concerns about economic management and financial resilience in the country.
Source: Daily Trust