On Tuesday, the Nigerian naira hit a historic low of N1,000 to the US dollar in the parallel market, highlighting the challenges faced by President Bola Tinubu in managing the national currency amidst rising inflation.

Although the central bank’s official rate has remained stable at N768 per dollar in the past week, the parallel market has seen a significant drop in the value of the naira, making it difficult for people to access foreign exchange.

According to Abokifx, a website that aggregates daily rates from parallel market sources, the dollar was sold for N1,000 on Tuesday morning. Since it gained prominence in 2016, Abokifx has been a popular platform for Nigerians seeking exchange rates in the parallel market. However, the platform was attacked by the Central Bank of Nigeria’s ousted Governor Godwin Emefiele in 2021 for allegedly manipulating exchange rates in the parallel market.

Abokifx’s shutdown in September 2021 has so far done nothing to stop the naira’s free fall and steep crashing at the parallel market. But critics admonished Mr. Emefiele at the time to focus on stabilizing the naira rather than his 2023 presidential ambition, which appeared to have distracted him from functioning efficiently as Nigeria’s top banker.

The naira has continued to depreciate considerably against the dollar despite Mr Tinubu’s attempt to allow the free market to determine its value. It was exchanging at about N650 when Mr Tinubu took over from Mr Buhari on May 29.

Spokespersons for both the presidency and the central bank did not return Peoples Gazette’s requests seeking comments about the naira’s historic fall on Tuesday.