Nigeria’s currency, the naira, has suffered a staggering depreciation, losing approximately 70% of its value against the U.S. dollar. This dramatic decline has positioned the naira as the third weakest currency globally, trailing only the Lebanese pound and the Ethiopian birr.
On Monday, the naira experienced a significant drop of 4.3%, reaching an unprecedented 1,670.65 to the dollar, marking its largest fall since mid-October. This downturn coincided with a steep 72% decrease in dollar liquidity, which has now fallen to just $81 million—the lowest in over a month.
This recent slide represents the naira’s sharpest decline in nearly two weeks, driven by dwindling dollar reserves in the foreign exchange market, raising concerns over the currency’s stability.
