This decline puts pressure on the central bank to continue raising interest rates. The naira has weakened to ₦1,466.31 against the dollar, its lowest level since March 20.
This drop is attributed to a local shortage of US currency, with only $84 million available on Thursday, down by half from the previous day.
Razia Khan, Standard Chartered’s chief economist for Africa and the Middle East, predicts that $1.3 billion worth of naira futures will mature by the end of the month, negatively impacting market sentiment.
