The Naira has lost about 68% of its value, marking a downturn since the implementation of the foreign exchange unification policy, according to data from Nairalytics.
In January 2024, the official foreign exchange rate surged to N1455 to 1$, marking a significant depreciation from the previous rate of N464 to 1$ in May 2023.
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The situation in the parallel, or unofficial, market showcases a descent from N763 to 1$ to N1470 to 1$ in the same timeframe, translating to a 48% devaluation.
This economic tremor is further underscored by the dip in Nigeria’s external reserves, which have dwindled from $35.09 billion to $33.35 billion over these months. It is projected that Nigeria’s foreign reserve will further drop to $24 billion this year.
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