Over the last several months, the Nigerian naira (NGN) has intensified its years-long downward trend against the United States dollar (USD), recently plummeting to a new record low as the country suffers foreign-currency shortages and despite its central bank’s efforts to counter the problem.
Indeed, the national currency of Africa’s largest economy “is falling to new all-time lows against the US Dollar,” exacerbating the trend that has been steadily happening for nearly a decade, according to the chart data shared by the markets analytics platform Barchart in an X post on February 29.
Nigerian Naira vs. US Dollar. Source: Barchart
NGN/USD analysis
As it happens, the Nigerian naira has continued to weaken versus the US dollar, as its price in USD fell to $0.000632 on February 28 and continued to decline further toward $0.000573, where it stood at the time of publication, according to the most recent chart information.
Specifically, its current state demonstrates a
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