The parallel market exchange rate has experienced a significant decline, plummeting to a record low of N1960 per Euro, driven by persistent demand pressures that continue to erode the currency’s value.
This marks a notable decrease of 5.36% or N105 compared to the N1,855 rate recorded the previous day at the black market.
This depreciation stands as an unprecedented occurrence, representing the lowest point in the historical performance of the Naira against the Euro.
Concurrently, black-market exchange rates have continued to witness the devaluation of the Nigerian Naira, exacerbated by a substantial surge in inflation, as reported by the National Bureau of Statistics (NBS) for January 2024.
The inflation rate surged to 29.90%, indicating a significant rise from the 28.92% recorded in the previous month.
These developments persist despite the Central Bank of Nigeria’s (CBN) implementation of several policies aimed at bolstering the supply of foreign exchange (forex).
Similarly, the Naira depreciated against dollar in the parallel forex market, where forex is unofficially traded, with the exchange rate quoted at N1,880/$1, reflecting a 2.66% decrease from the N1,830 rate it closed at the previous day.
Additionally, the Great British Pound (GBP) stood at £1/N2260, a decline from £1/N2,210 recorded the previous day, this marks a notable decrease of 2.21% compared to the N2,210 rate recorded the previous day.
