The Naira’s downward spiral persisted on Thursday, February 15, with its value plunging to N1,610 against the United States Dollar (USD) on the parallel market.

By the close of business on Thursday, the Naira had weakened from N1,515.28 to the Dollar at the Nigeria Autonomous Foreign Exchange (NAFEX) window, eventually appreciating slightly to N1,498.25. However, on the parallel market, the Naira continued its decline, trading between N1,610 and N1,615 to the Dollar, compared to N1,550 the previous day.

Despite multiple interventions by the Central Bank of Nigeria (CBN), the Naira remains under intense pressure, exacerbating the country’s cost of living crisis and inflationary concerns.