Naira Falls to ₦1,619 per $1, Heading Towards ₦2,000 as Economy Under Tinubu Faces Massive Collapse
Naira falls to N1,619 per $1, heading to N2,000 as economic under Tinubu collapse massively.
On Friday, the naira experienced a dip to ₦1,619.994 against the dollar, reflecting the ongoing economic challenges under President Bola Tinubu’s administration.
Aboki Forex reported the naira’s decline to ₦1,619.994 against the dollar, despite efforts by the Central Bank of Nigeria to stabilize its free fall.
While the naira had been gradually weakening against the dollar before Mr. Tinubu assumed office last May, its descent accelerated following the adoption of a floating currency.
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In September, the naira reached an historic low of N1,000 to one dollar in the parallel market, underscoring the challenges in Mr. Tinubu’s efforts to manage the national currency amid inflationary pressures.
The Association of Nigerian Licensed Customs Agents (ANLCA) complained in July that the nation’s currency’s floatation had negatively impacted vehicle importation in the ports.
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Naira Rates reported a decline to N1,520.123 to a dollar on January 31, against the official foreign exchange market rate of N1,482.75 per dollar on January 30 – marking a N38 depreciation within 24 hours.
The monetary policy of Mr. Tinubu’s government, including scrapping fuel subsidies and consolidating foreign exchange windows into the single Importer and Exporter (I&E) window, significantly depreciated the naira’s value by 98 per cent, according to a report by Price Water Coopers.
Despite the concerns over inflation and diminished economic purchasing power, Mr. Tinubu’s strategic moves, such as petrol subsidy removal and a clean float foreign exchange management, are seen as attempts to reduce the government’s financial burden and promote a more market-driven economy.
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