Naira Plummets Against Dollar Following Tinubu’s First Anniversary

 

Just 24 hours after President Bola Ahmed Tinubu's first anniversary, the Naira experienced significant depreciation against the dollar in the foreign exchange market. According to FMDQ data, the Naira fell from N1329.65 on Wednesday to N1484.75 on Thursday, marking a loss of N155.1. Similarly, in the parallel market, the Naira dropped to N1490 per dollar from N1480 the previous day.

 

This depreciation coincides with a decline in foreign exchange transactions, which fell from $328 million on Tuesday to $235.41 million on Thursday. The last notable depreciation occurred on May 23, 2024, following new guidelines from the Central Bank of Nigeria (CBN) to Bureau De Change operators. 

Since mid-April, the Naira has fluctuated against the dollar despite various CBN interventions. CBN Governor Olayemi Cardoso attributed this volatility to seasonal fluctuations during the last Monetary Policy Committee meeting.