Nigeria naira don fall yakata again afta e bin dey do well small, and now e don become de worst currency for de whole world for de last one month, according to wetin Bloomberg report talk.
De report wey comot on Friday say dis one go make Central Bank of Nigeria (CBN) dey under pressure to still dey increase interest rates.
Naira don fall reach 1,466.31 against dollar, wey be de worst level since March 20.
Dis one na sake of say dollar no dey enough for Nigeria, and na only $84 million dey available on Thursday, wey be half of wetin dey available de day before.
Oga Yemi Cardoso, wey be de oga for CBN, bin don dey praise naira before say na im be de best currency for de whole world as of April 2024.
For March, naira bin get wahala well-well, e fall reach N1,600/$1 for official market and N1800/$1 for parallel market.
Cardoso say na sake of plenty tins wey dem do for foreign exchange market and as big international investment people dem dey see am, na im make am do well like dat.
Razia Khan, wey be Chief Economist for Africa and Middle East for Standard Chartered, tell Bloomberg say e dey possible say $1.3 billion for naira futures go mature for end of dis month, and dis one fit affect how people dey see de market.
“De tin be say dis one go make people dey find dollar pass.
“Wen de currency bin dey appreciate well-well, some people wey dey invest from outside bin dey sell dia naira take profit, and dis one come make dollar-naira exchange rate come dey go up again.
“Dis one dey normal for market wey dey work well,” na wetin she yarn.
De report still talk say as naira no dey perform well again, e go make CBN dey under pressure to still increase interest rates afta dia next meeting wey go happun for May 21.
For February and March, CBN bin increase rates by 600 basis points. Dis one helep make naira come back from 1,627 naira wey e fall reach on March 8 to 1,072 for mid-April, as people wey dey invest come dey find local tins wey go give dem betta money.
Naira still dey weak for unofficial market sef, wey e fall by 0.9% to 1,468 naira per dollar on Friday sake of say plenty people and small businesses dey find dollar pass, according to wetin Abubakar Muhammed wey be oga for Forward Marketing Bureau de Change Ltd. wey dey monitor de data for Lagos, talk.
E get two oda African kontris wey dey among de four wey dia currency no perform well at all for de last one month.
Zambian kwacha reach record low of 27.3969 per dollar on Friday. Ghana cedi sef fall reach 13.99 against dollar on de same day, wey be de lowest level since 2022. De two kontris dey do debt restructuring now now.
Ayodele Salami, wey be Chief Investment Officer for Emerging Markets Investment Management Ltd. wey dey UK, tell Bloomberg say, “For Ghana and Zambia, de delay to reach agreement wit people wey dem dey owe money on top debt restructuring dey affect how money dey enta de kontris.
“De two kontris no go fit attract new money until dem don finish de debt restructuring tins wey dem dey do now,” na wetin Salami yarn.
Salami still add join say naira and oda African currencies dey face pressure sake of say people for inside de kontris dey find dollar pass, especially to take buy raw materials and oda tins dem dey import, including oil.