New lows for the Nigerian Naira against the US dollar have been recorded.

The value of the Nigerian Naira has declined further, hitting record lows on the official and unofficial foreign exchange exchanges. Despite the ongoing currency crisis, Dr. Olayemi Cardoso, Governor of the Central Bank of Nigeria (CBN), is scheduled to propose new monetary policy today at an event hosted by the Chartered Institute of Bankers of Nigeria (CIBN).

Based on data from FMDQ Securities Exchange, the Naira officially hit a new low of N956.33 against the US dollar on Thursday, down from N840.53. In parallel markets, the Naira closed at N1,142/$1 and N1,162/$1 in the peer-to-peer and black market segments, respectively, reflecting this notable depreciation.

Image-Freepik

The amount of forex transactions has also drastically decreased; on Thursday, trading volumes dropped to $105.50 million. Despite a prior spike to $198.21 million on Tuesday, which was ineffective in stopping the Naira's decline, there has been a decline in forex turnover.

Since June, the country has skipped two meetings of the Monetary Policy Committee (MPC), therefore the CBN governor's impending policy outline is much awaited. Although the intended outcome of these reforms was supposed to be currency stabilization, it hasn't happened yet.

Both residents and investors are eagerly awaiting Dr. Cardoso's speech for clues about the central bank's strategy for resolving the ongoing turbulence in the foreign exchange market and giving the country's currency some worth again.