On the same day, the naira also fell by 7.53 percent in the investors and exporters (I&E) window to close at N869.91. The dollar’s highest and lowest intra-day rates were N1,100 and N700 respectively. This depreciation happened despite earlier signs of the naira’s recovery and coincided with a surge in demand for dollars.
The naira’s decline was even steeper in the parallel market, where rates surged from N1,025 to N1,120 per dollar as verified by Bureau De Change (BDC) operators.
Despite these developments, Tope Fasua, Economic Adviser to President Tinubu, expressed confidence in the central bank’s policies and President Tinubu’s administration during a book launch event in Abuja. He issued a speculation warning and forecasted a surprise appreciation of the Naira to approximately 600 Naira per USD in the near future.
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