The Naira has lost about 68% of its value, marking a profound 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 N1455.59/$, marking a significant depreciation from the previous rate of N464.67/$ in May 2023.
The situation in the parallel, or unofficial, market is equally grim, showcasing a descent from N763/$ to N1470/$ in the same timeframe, translating to a harrowing 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.