Foreign Exchange Crisis: OPS Worried as Depreciation of Naira Severely Affects Businesses

The Central Bank of Nigeria and the FMDQ Securities Exchange have released data indicating that the value of the Nigerian naira relative to the US dollar has declined significantly over the last three months, falling by 38.9%.

The naira’s value is decreasing despite government efforts to add liquidity to the foreign exchange market, which affects corporate operations, especially in the industrial sector.

The Lagos Chamber of Commerce and Industry, the Manufacturers Association of Nigeria, and other private sector associations have underlined the catastrophic repercussions of the continued forex crisis.

They have warned of probable shutdowns and layoffs and stressed the need for a long-term solution.