Nigerian currency naira has taken a huge turn as it have drastically depreciated against the US dollar in the foreign exchange market.
Data from the parallel market section and FMDQ showed further depreciation against the dollar on Monday.
Inflation in Nigeria remains stubbornly high at 33.2 per cent, the highest in three decades, while food inflation is higher still at 40 per cent.
“On Monday morning, the dollar was sold at N1,517 per dollar. However, on hearing the information about the coming of the Economic and Financial Crimes Commission operatives, we started selling at N1,500 this evening, ” he said.
The figure increased from the N1, 450 per dollar it traded during the weekend,this represents an N11.8 drop from the N1466.31 recorded last Friday.
Similarly, at the official market, FMDQ data showed that they dipped to N1478.11 per dollar on Monday from N1466.31 last Friday.
Earlier, the Central Bank of Nigeria Governor, Olayemi Cardoso, said the apex bank’s Monetary Policy Committee will do everything to bring down soaring Nigeria’s inflation, which stood at 33.22 per cent in March 2024.
There is every indication that the MPC would do whatever is necessary. They will continue to do what has to be done to ensure that inflation comes down