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Naira on Friday, July 15, 2023, closed at N803/$1 at the investor & exporter window.
This is the lowest the naira has ever traded against the dollar since Nigeria adopted the managed float exchange rate system in 2016.
Naira's decline in value represents a 7.3% drop from the start of the week when it closed at N744/$1. The first signal of a challenge came on Tuesday when the naira closed at N776/$1.
There are a number of factors that have contributed to the decline in the naira's value, including rising inflation, a widening trade deficit, and concerns about the country's economic outlook.
The Naira fall is likely to have a significant impact on the Nigerian economy, making it more expensive for businesses to import goods and services. It is also likely to lead to higher inflation, as imported goods become more expensive.
The government has taken some steps to try to stabilize the naira, including selling dollars from its foreign exchange reserves and imposing restrictions on imports. However, it remains to be seen whether these measures will be enough to prevent the naira from further declining.
