By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
Daily Report NigeriaDaily Report NigeriaDaily Report Nigeria
Notification Show More
Font ResizerAa
  • HOME
  • NEWS
  • POLITICS
  • METRO
  • ENTERTAINMENT
  • SPORTS
  • FACT FILE
  • SPECIAL REPORT
Reading: Naira Plummets to Third Worst Performing Currency Globally
Share
Font ResizerAa
Daily Report NigeriaDaily Report Nigeria
  • METRO
  • NEWS
  • POLITICS
  • SPECIAL REPORT
  • FACT FILE
Search
  • HOME
  • NEWS
  • POLITICS
  • METRO
  • ENTERTAINMENT
  • SPORTS
  • FACT FILE
  • SPECIAL REPORT
Have an existing account? Sign In
Follow US

Home | Naira Plummets to Third Worst Performing Currency Globally

News

Naira Plummets to Third Worst Performing Currency Globally

Olaitan Sodiq
Olaitan Sodiq
Published: June 15, 2025
Last updated: June 15, 2025
2 Min Read
Share
Naira Plummets to Third Worst Performing Currency Globally | Daily Report Nigeria
SHARE

The naira has now been classified as the third worst-performing currency in the world, following a staggering 70% depreciation against the dollar this year.

As of Monday, the naira weakened by 4.3%, reaching an unprecedented low of 1,670.65 naira per dollar, according to Bloomberg data.

This sharp decline has been attributed to a severe 72% drop in dollar liquidity, which fell to just $81 million, the lowest level in over a month.

The crisis in the foreign exchange market has intensified volatility, hindering Nigeria’s efforts to stabilize its currency amidst fluctuating oil production and foreign exchange inflows.

ATTENTION: Click “HERE” to join our WhatsApp group and receive News updates directly on your WhatsApp!

Finance Minister Wale Edun recently addressed the challenges, emphasizing that increasing crude output is crucial for enhancing Nigeria’s foreign exchange reserves and stabilizing the naira.

READ ALSO: Naira appreciates, trades at N1,600/$

“We must focus on boosting oil production to support our currency and reserves,” Edun stated, reflecting the government’s urgent need to tackle these economic hurdles.

Experts warn that the naira’s downward trend is alarming, particularly as the parallel market exchange rate hit ₦1,740/$1 over the weekend.

In contrast, the Nigerian Autonomous Foreign Exchange Market (NAFEM) showed slight stability and even appreciation, with market participants speculating that the Central Bank of Nigeria (CBN) may intervene soon to relieve pressure on the exchange rate.

 

For publication of Press Releases, Statements, and Advert Inquiries, send an email to info@dailyreport.ng
TAGGED:NairaTop Stories
Share This Article
Facebook Whatsapp Whatsapp Telegram Email Copy Link
Leave a Comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Latest Updates

Meta Cracks Down on Spam and Duplicate Content, Removes Over 10 Million Fake Profiles | Daily Report Nigeria
Meta Cracks Down on Spam and Duplicate Content, Removes Over 10 Million Fake Profiles
News
Sokoto Students Build Functional Electric Car | Daily Report Nigeria
Sokoto Students Build Functional Electric Car
News
Segun Odegbami Cries Out as AFCON Legend Ikhana Battles for Life | Daily Report Nigeria
Segun Odegbami Cries Out as AFCON Legend Ikhana Battles for Life
Sports
How 18 Edo LG chairmen squandered N83bn Federal allocation – Okpebholo
Don’t Probe Obaseki, Focus on Development – Wike Tells Okpebholo
Politics
Trump Gives Putin 50-Day Ultimatum, Threatens 100% Tariffs Over Ukraine War | Daily Report Nigeria
Trump Gives Putin 50-Day Ultimatum, Threatens 100% Tariffs Over Ukraine War
News

TOPIC

2023 Elections Abuja Accident AFCON Anambra APC Arrest ASUU ASUU Strike Atiku Abubakar Bandits Bayelsa BBNaija Biafra Boko Haram Bola Ahmed Tinubu Bola Tinubu Breaking News Breaking News Nigeria Burna Boy Burutu CBN Celebrity news Chelsea Coronavirus court covid-19 Crime Daily Report Ng Daily Report Nigeria Daily Sports News Davido Delta Delta state DSS Education EFCC Elections English Premier League EPL Family federal government FG FIFA World Cup Football Fraud Godwin Emefiele Goodluck Jonathan Governor Nyesom Wike Gunmen Health Ifeanyi Okowa Imo INEC Insecurity IPOB IYC JAMB Kaduna Kidnap Labour Party Lagos Lagos State Manchester United Marriage Muhammadu buhari Music NASS NDDC NDLEA Niger Delta Nigeria NLC Nnamdi Kanu NNPC Nollywood Nyesom Wike Olusegun Obasanjo Pastor PDP Peter Obi Police Politicians President Bola Ahmed Tinubu President Muhammadu buhari Professor Yemi Osinbajo Protest Rape Reno Omokri Rivers State Senate Sheriff Oborevwori Social Media Suicide Super Eagles Tinubu Top Stories Twitter Victor Osimhen Zamfara

You Might Also Like

Many Missing as Bandits Launch Fresh Attack in Benue
Metro

Many Missing as Bandits Launch Fresh Attack in Benue

June 4, 2025
World Bank Approves Fresh $700m Loan for Nigeria
Business

World Bank Bans 58 Nigerian Companies, Individuals for Corruption

June 3, 2025
Emefiele Speaks on Presidential Ambition | Daily Report Nigeria
Politics

Emefiele Speaks on Presidential Ambition

June 15, 2025
Court Reserves Judgment in PDP’s Case Against Tinubu, Shettima | Daily Report Nigeria
News

Court Reserves Judgment in PDP’s Case Against Tinubu, Shettima

June 15, 2025
© Daily Media N Publishing LTD. All Rights Reserved.
  • Home
  • About Us
  • Adverts With Us
Welcome Back!

Sign in to your account

Username or Email Address
Password

Lost your password?