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Recent reports have revealed that the naira has continued its depreciation streak against the dollar at the foreign exchange market on Wednesday.
FMDQ data showed that the naira fell further to ₦1667.42 against the dollar on Wednesday from ₦1658.48 exchanged on Tuesday.
This represents ₦8.94 drop.
Read Also: Tinubu Pushes For Debt Alleviation For Nigeria At UNGA 79
Further analysis showed that in the last 48 hours, the naira has lost N104.76 against the dollar at the official foreign exchange market.
Similarly, at the black market, the naira slumped to ₦1705 per dollar on Thursday from the ₦1675 exchange rate recorded on Tuesday.
At the parallel market, the naira crossed the ₦1700 against the dollar mark for the first time in weeks.
The development comes as the latest 27.25 per cent interest hike by the Central Bank of Nigeria impacts the country’s economy.
In other news, president Bola Tinubu has made a fervent request to world leaders to prioritize debt forgiveness for Nigeria and other developing nations, highlighting the urgent need for creditors and multilateral financial institutions to provide relief and support for sustainable economic development.
During his remarks, the President urged the United Nations to strengthen its multilateral framework by actively working to build stronger alliances between member states. He argued that only through a commitment to inclusivity, equality, and mutual cooperation can the international community effectively confront the global issues that require unified action.
In his capacity as Chairman of the Authority of Heads of States and Government of ECOWAS, Tinubu addressed world leaders during the prestigious General Debate at the 79th Session of the United Nations General Assembly. Speaking from the UN headquarters in New York, Tinubu used the platform to advocate for stronger ties between nations and underscore the importance of multilateralism.
