Naira Nosedive Sparks Central Bank Alarm

Naira Nosedive Sparks Central Bank Alarm

The Nigerian Naira weakened by a further 2% against USD last week despite a rebound on Friday. The Naira has endured a torrid month, dropping by over 25% against the dollar. The only data release of note was a further uptick in inflation on Wednesday to 33.69%. The main measure of inflation being watched is food inflation, which also increased to 40.53%, albeit below market expectations of 42.5%. The central bank is desperate to tame food inflation as the cost of living becomes more unmanageable. If this does not see a reversal there are fears a serious dent

Published on 22 May 2024

Despite a Friday rebound, the Nigerian Naira weakened by 2% against the USD last week, enduring a torrid month with a staggering 25% drop. Inflation soared to 33.69%, with food inflation hitting 40.53%, sparking fears of a serious economic dent if not reversed promptly.

Open a free multi currency account with Hubpay

We help companies all around the globe to send money in the easiest and cheapest way using multiple currencies. Talk to Hubpay Corporate FX team today

Share this blog on

What's on this page

Hubpay enables seamless Corporate FX payments all around the globe

Share on

Streamline your Corporate FX

Fast account opening – Minimal Paperwork