Nigeria’s currency, the Naira, has depreciated by 51.5% against the US dollar in the past year under the leadership of Central Bank of Nigeria (CBN) Governor, Olayemi Cardoso, who marked his one-year tenure on September 15, 2024.
Data from the FMDQ showed the Naira fell from ₦747.76 per dollar in September 2023 to ₦1,541.52 per dollar by September 22, 2024.
Despite several interventions by the CBN, the performance of the Naira in the official foreign exchange market remains underwhelming.
The Monetary Policy Committee (MPC), led by Cardoso, raised the monetary policy rate four times, reaching 26.75% to combat inflation, which stood at 32.15% in August 2024.
As the MPC deliberates on further interest rate hikes, Nigerians are still grappling with economic challenges, including rising food prices and soaring energy costs, even as external reserves hit a 22-month high of $37.39 billion by September 19, 2024.
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