Naira Slides Further to One Thousand and Eighty Naira

The Naira continued its free fall against the dollar on Tuesday, depreciating to N1,080/$ in the parallel market.

This is 4.85 per cent decline when compared to the N1, 030/$ it traded on Monday.

It is also day two of the naira losing momentum after going on a bull run towards the end of last week after news broke that the Central Bank of Nigeria had begun to clear some of its FX backlogs.

Since closing trading at N950/$ on Friday, the naira has depreciated by 13.68 per cent, losing N130 of its value against the dollar. According to Bureaux De Change operators, it traded between N1,060/$ and N1,095/$ on Tuesday.

On Monday, the President of the Association of Bureaux De Change Operators of Nigeria, Aminu Gwadabe, blamed the fall on the activities of speculators.

Meanwhile, the presidency has cautioned Nigerians hoarding foreign currencies to stop, warning new government policies may shock them.

A Special Adviser to the President on Economic Matters, Dr Tope Fasua, disclosed this at the “Cowries to Cash” lecture and lunch on Tuesday in Abuja.

He disclosed that President Ahmed Bola Tinubu’s administration is working on policies to strengthen the Naira. According to Fasua, recent movements by the government towards the FX market are expected to continue.