The naira fell to N461/$1 at the end of the year from N435/$1 in January.
Last year, the Nigerian naira depreciated in the foreign exchange markets amidst lingering forex scarcity in the local economy.
Similarly, at the parallel market, the local currency plunged further against the rate it traded in January last year as the dollar crisis worsened amid galloping inflation. PREMIUM TIMES presents some of the key issues and policies that impacted the exchange rates of the local currency last year:the country’s exchange rate on its website to N413.49 to a dollar.The move by the apex bank then indicated another round of devaluation of the currency by the regulators, just like it did in May 2021 when it devalued the naira from N379 to N411.00 per dollar after adopting the Investors and Exporters window rate, also known as Nafex rate.
Within this period, the local unit depreciated from N725.00 it was trading to N735.00 and above at the unauthorised market.Similarly, less than 48 hours after political parties officially kicked off the 2023 general election campaigns in the country, the local currency plummeted significantly on the black market across States in the country.A day after the CBNthat it will withdraw higher notes to check fraud, inflation and insecurity, the Naira fell significantly against the U.S.
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