The Naira’s decline in value versus the US currency persists

The country’s foreign exchange problem was exacerbated as the naira hit a new low versus the US dollar on both the official and parallel markets.

According to data compiled by FMDQ, the value of the naira fell from N1,574.62 to N1,537.96 per US dollar from Monday to Friday of last week.

This is a decrease of N36.66, or 2.3%, from the N1,537.96 recorded at Friday’s trade end.

In a similar vein, on Monday, the parallel market naira/USD exchanged hands for N1,660, down from N1,590 the previous Friday.

A Bureau De Change operator named Dayyabu Mistila confirmed the news to DAILY POST on Monday.

This comes after 50 people were arrested in Wuse Zone 4 of Abuja on Monday as part of an EFCC crackdown on illicit bureau de change operations.

Even though the Central Bank of Nigeria introduced new guidelines last week, prohibiting the cash payout of Personal Travel Allowance (PTA) and Business Travel Allowance (BTA), the depreciation of the FX markets occurred despite this.

Simultaneously, the central bank prevented international oil corporations (IOCs) with operations in Nigeria from withdrawing their full foreign exchange earnings.

According to DAILY POST’s reporting, the Central Bank of Nigeria (CBN) and the Nigerian government have not been able to stop the naira’s fast decline and ongoing swings versus the US dollar and other foreign currencies on the forex market.

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