The Naira has experienced a reversal in its recent gains, emerging as the world’s worst-performing currency over the last month, according to a latest report by Bloomberg.
The report emphasised that this development places increased pressure on the Central Bank of Nigeria (CBN) to continue raising interest rates.
The Naira has depreciated to N1,466.31 against the dollar, marking its weakest level since March 20.
The decline is attributed to the local scarcity of the US currency, with only $84 million available on Thursday, half of the previous day’s supply.
Only last month, the CBN Governor Yemi Cardoso had hailed the Naira as the best-performing currency globally.
The Naira faced challenges in March, plummeting to as low as N1,600/$1 in the official market, and N1800/$1 in the parallel market.
Cardoso attributed the achievement to a series of foreign exchange market reforms and positive sentiment from leading international investment institutions.
*Media Report