Naira Crashes To N1,534 Against US Dollar At Foreign Market

On Monday, the naira fell to a record low of N1,534.39 per US dollar in the foreign currency market.

According to FMDQ data, the naira sank to N1,534.39 per US dollar on Monday, down from N1,469.97 on Friday.

This reflects a 4.2 percent, or N64.42, devaluation from N1,469.97 after trade on Tuesday.

With the move, the Naira has returned to the exchange rate it traded on Monday, January 29, when the Central Bank of Nigeria implemented ‘Financial Markets Price Transparency and Market Notice of a Revision to the FMDQ FX Market Rate Pricing Methodology’, among other changes.

Meanwhile, Olayemi Cardoso, the governor of the Central Bank of Nigeria, pledged exchange rate stability at a meeting with the Senate Joint Committee on Banking, Insurance, and Financial Institutions in Abuja on Friday.

In other news, Soma, an ex-BBNaija housemate, has taken to Instagram to write a poem to his girlfriend and colleague Angel Smith, who turns 24 today.

The two have been inseparable since the BBNaija All-Stars episode.

Soma remarked that he is proud of her and that she has inspired many.

He assured her of his devotion and stated that she was greatly favored.

He wrote:

”24 years of being on earth, 24 years of learning, 24 years of experiencing life, 24 years of being a warrior princess, 24 years of molding you into the beautiful work of art that you are now, you’re indeed a prized piece and I’m proud of you and proud of how you’ve played the cards dealt you, you’re an inspiration to so many and I pray that 24 is your best year yet, you’re blessed beyond any c*rse, you’re favoured everyday, grace is upon your life forever, happy birthday my baby I love youuuu  @theangeljbsmith”.