Despite recent efforts by the Central Bank of Nigeria (CBN) to stabilize the foreign exchange market, the naira concluded trading on the Investor & Exporter forex window on Thursday at N996.75/$.

This marks a significant 13.95% decrease from the N874.71/$ rate observed on Wednesday.

Throughout the week, the naira has experienced a noteworthy 27.75% loss in value since starting at N780.23/$, as reported by the FMDQ OTC Securities Exchange.

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Following a brief strengthening against the dollar last week due to the CBN addressing its backlog, the naira has witnessed a consistent decline in both official and parallel markets.

In 2023 alone, the currency has depreciated by approximately 40%, earning it the classification of one of the worst-performing African currencies by the World Bank.

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In the parallel market, the naira’s devaluation continues, dropping from N950/$ on Friday to almost N1,140/$ on Thursday, signifying a 20% decline, according to Bureaux De Change operators interviewed.

Kadri, a trader, revealed, “Dollar is N1,100 if you want to sell. It is N1,140 if you want to buy.” Another trader, Awolu, affirmed that he would purchase the dollar at N1,100.

Addressing the situation, the President of the Association of Bureaux De Change Operators of Nigeria, Aminu Gwadabe, explained that the naira’s decline is due to speculators’ reactions and resistance from those who purchased the dollar at higher rates.