Under Tinubu, CBN Gov Cardoso Naira has plunged to a new record low - American Prof

Johns Hopkins University applied economics professor Steven Hanke, has shared his thoughts on how the Nigerian Naira is fairing since President Bola Tinubu assumed office.

In a post shared on his official X page, on Monday, December 11, Steve Hanke noted that the Nigeria Naira has taken a downward hit after weakening by 23% on Friday.

His comment comes after the naira plunged to its lowest point on record in official trading as a shortage of US dollars continued despite promises by the government.

According to Hanke, it is time to replace the Central Bank of Nigeria with a Currency Board.

He wrote;

"Under Pres. Tinubu and central bank Gov. Yemi Cardoso, the Nigerian naira has PLUNGED to a new RECORD LOW after weakening by 23% on Friday.

Time to replace the Central Bank of Nigeria with a CURRENCY BOARD, like the one it had from 1912-1959."

As of Wednesday, December 13, the naira depreciated to N1,260 per dollar in the parallel market from N1,220 per dollar on Tuesday.

Report indicates that data from FMDQ showed that the indicative exchange rate for NAFEM rose to N904.65 per dollar from N865.03 per dollar on Tuesday, indicating a N39.62 depreciation for the naira.