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Nigeria’s naira has experienced a significant downturn, making it the world’s worst-performing currency over the past month. This decline has heightened pressure on the Central Bank of Nigeria to consider further interest rate hikes.
As of the latest reports, the naira has fallen to a record low of 1,466.31 to the US dollar, marking its weakest position since March 20. This sharp depreciation is largely attributed to a severe shortage of US dollars in the local market. On Thursday, the availability of the US currency plummeted to just $84 million, half of what it was the previous day, exacerbating the currency’s instability.
This trend poses a challenge for Nigeria’s economic management, as the central bank might need to implement more aggressive monetary policies to stabilize the currency and curb inflationary pressures.
