City, Nigeria – E be like say naira don decide to play hide and seek again oh! Na as una hear am, Central Bank dey struggle with US dollar wey waka commot since pipo no dey invest for market. This na new wahala wey don hit our economy and e no sweet at all.
Sabi economists talk say dis na naira wey dey decline because demand don soft. As dollar dey run from us, na only we dey manage our currency. E no funny! All dis shortage don make things dey hard small as people dey look how to settle them year-end imports with dwindling forex supply.
According to eyeglass report wey Central Bank drop on Thursday, naira don fall 0.07% go ₦1,443.90 per dollar for official window. But e no stop there oh! The spot rate when dem check am touch intraday high of N1446 per dollar. Na so we dey enter small for back in terms of value compared to last time, where e dey reach N1446.5000. If you dey think market dey sweet, forget am!
CBN dey work hard to shift the tide by releasing dollars to banks, but e get as e be. Last Tuesday, dem provide $36.6 million to help the market breath small. But wahala no stop there, as people dey close transaction for intraday low of N1442 per dollar – no too sweet when compared to N1436.5000 wey dem see the day before. (Naija market no dey ever dull, abi?)
For de parallel market, naira just dey fall like say na madman carry am. E drop by 0.17% to ₦1,475/$ as pressure dey mount for both official and informal side. Dis one too show say market no too dey happy with naira. Investors dey show less interest, which dey put more stress for citizens wey no fit chop better returns!
As e be, many Nigerians dey look up to CBN to deliver dem from this wahala. Na only forex sales fit help naira recover small. We dey watch as dis story dey unfold, but one thing clear be say, our currency need better muscle for market. (I sure say plenty palm wine go dey flow as we dey try to digest all this matter!)
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