Less than two weeks to the presidential primaries of the political parties ahead of the 2023 elections, the US dollar has broken the N600/$ mark at the parallel market and set the tone for a possible uptick in the coming days.
Confronted by depleting foreign exchange reserves, dwindling foreign capital, heightened political risk, narrowing fiscal space and alleged poor performance, naira risks a worse level of debasement than the country has witnessed in recent times.
In what has become a trend, Naira fell to a record low over-the-counter on the last trading day of 2021, closing at N435/$. This came amid uncertainty about the market outlook as the economy wobbles into a new year.
Rising from the ashes of COVID-19 last year, the economy started on a bumpy ride. There was so much uncertainty about the unending pandemic and whether the fragile global recovery would be sustained.
14 Sep 2021
It was a gloomy start of a new week for the local currency, yesterday, as it fell to N550/$ at the parallel market to record another new low amid rising speculative trading.
28 Jul 2021
The Central Bank of Nigeria (CBN), in a rare courage, yesterday, ended foreign exchange (FX) supply to bureau de change (BDC) operators and registration of new players with immediate effect.
26 Jul 2021
In a curious twist of fate last week, there was a breather for the falling foreign exchange reserves. The figures gained an average of $76.5 million in seven days.
26 May 2021
The burden of external debts on the country could worsen, as the Federal Government would need more amount of Naira than previously required for servicing or liquidating existing loans and others being processed.
26 Mar 2018
A rising trend in interest rates on lending among banks was reversed last week with improvement in the quantity of money in circulation arising from N259 billion worth of matured securities.