By Kayode Sanni-Arewa
The naira to dollar exchange rate has fallen to its lowest point since May. The naira has come close to its all-time low, trading at ₦1,533.99 to the US dollar on the official market on June 25, 2024, a level not seen since May 16, 2024. This represents a significant decline compared to the previous low of ₦1,500.79 per dollar. According to data from the FMDQ Securities Exchange, the naira depreciated by 0.71% on June 25, down from ₦1,490.20 per dollar the previous day.
This drop occurs despite assurances from Central Bank Governor Yemi Cardoso that the naira’s volatility had subsided. 
It t fluctuated between a high of ₦1,507/$1 and a low of ₦1,426/$1. It underlined the enormous volatility in the foreign exchange market. This high range of currency revaluation remains evidence of the high instability and unpredictability of the currency market in Nigeria
This development is being watched by economic analysts because if the naira continues to devalue, very soon, the entire economy of Nigeria will be impacted in terms of import cost and inflation rate. Therefore, the Central Bank’s move and intervention strategies in the next few days will hold the key to stabilizing the currency and restoring investor confidence.
