Naira hits record low of N1,830/$1 in black market

By Sodiq Adelakun

In a recent turn of events, the Nigerian Naira has plunged to a new low in the parallel market, also known as the black market, hitting a record low of N1,830 against the US dollar on Wednesday.

This significant depreciation represents a 7.10 percent decline from the previous day’s rate of N1,700, marking the weakest position the Naira has ever been in its history.

The devaluation of the Naira is a clear indicator of the deepening economic woes the country is facing.This comes in the wake of the National Bureau of Statistics (NBS) report that revealed a sharp increase in inflatin for January 2024, with te rate soaring to 29.90 percent.

This s a substantial jump from th 28.92 percent inflation rate reported in the previousmonth, and it signifies a worrying 0.98 percent increase in the headline inflation rate since December 2023.

However, these troubling econmic indicators persist despite the Central Bank of Nigera’s (CBN) efforts to stabilise the currency through varios foreign exchange (forex) policies.

The ontinued decline of the Naia in the black market, coupled with the escalating inflation,paints a grim picture of the eonomic challenges that lie ahead.