Naira falls to record low against the Dollar, now above N1,600 in official market

The Nigerian naira has continued its downward spiral against the United States dollar in the official foreign exchange market, despite recent interventions by the Central Bank of Nigeria .

Despite the Central Bank’s efforts to bolster the naira through various policy measures and market interventions, the currency's value has continued to fall. Similarly, it declined by N5.46 against the euro, settling at N1,782.62/€1, down from N1,777.16/€1 recorded on Tuesday. Despite the CBN’s interventions, the foreign exchange market remains volatile, with the value of FX transactions seeing a slight improvement.

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