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On Tuesday, the Nigerian naira experienced a further decline, trading at N1,825 to a dollar. This comes despite the efforts of the Economic Financial Crimes Commission (EFCC) to disrupt the activities of perceived manipulators and speculators. The EFCC had recently raided the well-known Abuja Zone 4 market, targeting Bureau De Change operators in an attempt to halt the rapid decline of the naira. However, less than 24 hours after the raid, the naira continued to plummet.
The naira’s decline has reached an all-time low against the dollar and pound sterling in Nigeria’s history, despite the Central Bank of Nigeria’s efforts to salvage the currency’s free fall. The currency had already been on a downward trend against the dollar before President Bola Tinubu assumed office last May, but the situation worsened following the floating of the currency. In September, the naira exchanged at N1,000 to one dollar at the parallel market.
President Tinubu’s economic policy, which included scrapping fuel subsidy and collapsing multiple foreign exchange windows into the single Importer and Exporter, played a significant role in the further depreciation of the naira. This historic dip in the currency’s value has highlighted the weakness of the government’s efforts to manage the national currency amidst runaway inflation.
Furthermore, the depreciation of the naira has had adverse effects on various sectors of the economy. The Association of Nigerian Licensed Customs Agents (ANLCA) reported a drop in vehicle importation in the nation’s ports due to the floating of the currency.
Despite the efforts of the EFCC and the Central Bank of Nigeria, the naira’s decline continues to pose challenges to the country’s economy. It remains to be seen how the government will address this issue and stabilize the currency in the future.
