The Naira on Tuesday, January 16, declined to N1,330/$ at the parallel market. If fell by 3.91 percent or N50 from the N1,280/$ rate recorded on Monday. This comes despite a 460.52 percent forex turnover rise to $147.81 million at the end of Tuesday's trading. The depreciation at the official forex market comes after the Nigerian government received a $2.25 billion foreign exchange boost loan from the African Import-Export Bank over a week ago.
Meanwhile, on January 7, 2023, the Central Bank of Nigeria (CBN) revealed that in three months, it redeemed outstanding forward liabilities of almost $2 billion.
In September 2023, the finance minister and coordinating minister of the economy Wale Edun, said the overdue forward payments were behind the depreciation of the Naira.
The Naira, the currency of Africa’s largest economy, has been rapidly fluctuating in the forex market since the CBN floated the country’s currency on June 14, 2023.
