Naira dips to record low ahead of Tinubu’s swearing-in

With less than two weeks to the inauguration of the President-elect, Bola Tinubu, the naira has taken a tumble to reach a record low of N465.07 against the dollar.

According to Bloomberg on Thursday, the Central Bank of Nigeria allowed the nation’s currency to weaken by the most in almost five months.

The naira weakened to a record 465.07 per dollar as of 1.11 p.m. Nigerian time, the biggest drop since December 29, 2022.

Tinubu, who will be sworn in as president on Monday, May 29, has pledged to end the practice of maintaining multiple exchange rates and pursue a more flexible policy.

In a research note on Wednesday, a fixed-income analyst at Johannesburg-based Absa Group Ltd, Nikolaus Geromont, projected that the naira could weaken as much as 15 per cent after Tinubu becomes president.

He said, “We expect the naira to be upwardly adjusted to 530/USD after the presidential inauguration.”

All rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express written permission from PUNCH.

Contact: [email protected]