Naira hits a record low of ?1348.63 against the dollar

The CBN governor, Olayemi Cardoso, announced the bank's intentions to increase liquidity in the foreign currency market, which coincided with the naira's precipitous decline.On Monday, the Nigerian Autonomous Foreign Exchange Market saw the naira tumble to its lowest point at ?1348.63/$.The decline represents a 51.21% decline from the ?891.90/$ the currency closed in the official market last Friday, according to statistics from the FMDQ Securities Exchange.The official rate announced on Monday, according to analysts, is the lowest the naira has seen since the Central Bank of Nigeria, or CBN, unified the nation's currency in June 2023. The naira’s sharp fall comes amid the CBN governor, Olayemi Cardoso’s announcement of the bank’s plans to improve liquidity in the foreign exchange market.