CBN forex policies failing to work as exchange rate approaches N1,700/$1

The exchange rate between the naira and the dollar has depreciated to an all-time low, reaching N1,537.96/$1 at the official market.

This decline has occurred despite various policies implemented by the Central Bank aimed at halting the currency’s devaluation. 

In the parallel market, where the naira is also traded, operators have reported to Nairametrics that the exchange rate has hit N1650/$1. However, they note that the actual rate could vary, potentially being lower or higher, depending on the availability of dollars.