Dollar hits N1,900; Pound, N2,250

On Tuesday, despite the raids, the Naira plunged further with a dollar exchanging for N1,900, while the British Pound was exchanged for N2,250.

The Economic and Financial Crimes Commission (EFCC) had on Monday raided the well-known Abuja Zone 4 market, aiming at Bureau De Change operators to stop the Naira’s rapid decline.

Bureau De Change (BDC) hubs were also raided in Lagos and Kano, and some operators arrested.

But, less than 24 hours after EFCC raid, the Naira continued its rapid decline, with a dollar exchanging for N1,900 in Abuja and Kano, and N1,800 in Lagos; while the British Pound was exchanged for N2,250.

However, at the official market, the Naira recorded a marginal gain closing at N1,551.24 as against the earlier N1,574.62, according to the Nigerian Autonomous Foreign Exchange Market (NAFEM).

Despite efforts by the Central Bank of Nigeria to salvage the free fall of the Naira, the Naira hit an all-time low against the dollar and pound sterling in Nigeria’s history.

Though the Naira had been on a downward trend against the dollar before President Tinubu assumed office in May 2023, the monetary policy of President Tinubu’s government played a huge role in the further downward slide of the Naira after he floated the currency.

“President Bola Tinubu’s economic policy scrapping fuel subsidy and collapsing multiple foreign exchange windows into the single Importer and Exporter, or I&E window, drastically depreciated the Naira’s value by 98 per cent,” a report by the Price Water Coopers stated.