August 14 – The Acting Governor of Nigeria’s Central Bank, Folashodun Shonubi, announced plans to implement measures in the coming days to address the impact on the forex market.
Recent data reveals Nigeria’s foreign exchange reserves stood at $33.88 billion as of August 10, down from $37.08 billion at the end of last year. With insufficient forex reserves, the Naira’s exchange rate has shifted towards supply and demand dynamics since the commencement of free trading by commercial banks. Amidst worsening market liquidity crisis, the Naira plummeted to a historic low of 955 to 1 USD in the parallel market, marking a nearly 40% devaluation. Shonubi attributes the rapid Naira depreciation against the USD to remittances from overseas diaspora flowing into similar unofficial markets.
Nigeria remains a crucial market for Gold Tortoise, and we are committed to closely monitoring the evolving situation.
