In what is becoming increasingly clearer, a cocktail of bad choices, incoherent policies made worse by instability in the markets, as well as a fastidious clinging to antiquated ideas, the fate of the Naira hangs in the balance as it continues its downward slide. This report will show why the Muhammadu Buhari administration’s misplaced belief that hope is best served for dinner, at a time when there may be no one at the table because the prognoses for the Naira and the economy, do not inspire confidence and growth.

The Naira yesterday suffered its biggest daily depreciation against the dollar as the exchange rate rose to N345 per dollar in the parallel market.

The Naira on Monday remained stable, exchanging for N310 to the dollar at the parallel market.

The Central Bank of Nigeria, CBN, has refused to bow to the pressure to devaluate the Naira, as it announced, Tuesday, its decision to retain the Monetary Policy Rate, MPR at 11 per cent. It has an asymmetric corridor of +200 and -700 basis points.

LAGOS — The Naira depreciated against the dollar by N4 in the parallel market, yesterday, in response to intense scarcity of dollar in the market.