In a fresh blow to Nigeria’s economic stability, the naira has plunged further against the US dollar, trading at an alarming rate of N1,629 per $1 at the official market.
The unsettling development was disclosed via the official X handle of Nigerian Stories, sending shockwaves across financial circles and social media platforms. This marks one of the lowest exchange rates in Nigeria’s recent economic history, raising urgent questions about the effectiveness of current fiscal and monetary policies under the Tinubu administration.
Economists and market watchers warn that this steep depreciation could drive inflation higher, increase the cost of living, and further erode consumer purchasing power at a time when Nigerians are already grappling with skyrocketing prices of food, transportation, and essential services.
Analysts have pointed fingers at dwindling foreign reserves, low oil revenues, speculative trading, and inconsistent forex policies as contributors to the naira’s freefall. The Central Bank of Nigeria (CBN) is yet to release an official statement on the new exchange rate or steps being taken to stem the currency’s slide.
As Nigerians brace for the ripple effects of this economic tremor, all eyes are now on the government’s next move to stabilize the naira and restore investor confidence.
PIONEER NEWS 