Naira Crashes Massively Against Dollar 24 Hours After Tinubu’s Anniversary

The Nigerian Naira experienced a significant depreciation against the US Dollar just 24 hours after President Bola Tinubu’s anniversary. According to FMDQ data, the Naira dropped to N1484.75 per Dollar on Thursday, a stark decline from N1329.65 recorded on Wednesday. This marks a loss of N155.1 against the Dollar within a single day.

The parallel market also reflected this downward trend, with the Naira depreciating to N1490 per Dollar on Thursday from N1480 the previous day. This ongoing fluctuation underscores the challenges facing Nigeria’s foreign exchange market despite various interventions.

Amid these fluctuations, the Presidential Fiscal Policy and Tax Reform Committee, established by President Tinubu in July, has put forward recommendations to stabilize the economy. One key proposal is for the federal government to consider implementing an exchange rate of N800 per Dollar for customs import duty. This is one of twenty recommendations aimed at overhauling Nigeria’s fiscal policy and strengthening economic stability.


The recent depreciation mirrors a similar downturn observed on May 23, 2024, following the Central Bank of Nigeria’s (CBN) announcement of new guidelines for Bureau De Change operators. Since mid-April, the Naira has seen continuous fluctuations against the Dollar, despite CBN’s efforts to stabilize the currency.

CBN Governor Olayemi Cardoso, during the 295th Monetary Policy Committee meeting, attributed the volatility to seasonal fluctuations. “We are witnessing seasonal variations that impact the exchange rate, and our interventions are aimed at mitigating these effects,” Cardoso stated.


The steep decline in the Naira’s value against the Dollar raises concerns about the broader economic implications, including inflationary pressures and increased costs for imported goods. The recommendations by the Presidential Fiscal Policy and Tax Reform Committee, if implemented, could offer some respite by providing a more stable and predictable exchange rate for import duties.


The Naira’s massive crash against the Dollar highlights the urgent need for comprehensive fiscal and monetary reforms in Nigeria. As the federal government considers the recommendations from the Presidential Fiscal Policy and Tax Reform Committee, stakeholders and citizens alike are hopeful for measures that will bring stability to the nation’s economy and its currency.