What's Responsible For Free Fall Of Naira As Dollar, Pounds Exchange For N1690, N2000 Respectively?

As the exchange rate between the Nigerian naira and the British pound reaches N2,000, it's important to delve into the factors that have led to this situation.
Despite firm declarations against dollar hoarding and policy interventions of the government, the Naira continues its downward trend, exchanging for more than N1,690 per dollar earlier today at the parallel market.
Here is the big question: what are the factors responsible for the free fall of the local currency?
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[@lovymedia5976]

Government know what to do ......little advice, governments should stop trading with dollars in Nigeria e.g Nigeria Port Authority, Selling of crude oil etc in dollars have to be stop

[@patrickkolawole4104]

FGN erred throwing Naira exchange rate into free floats markets! Led to Naira free falls!

[@adisanasirudeen3558]

I’m glad this was addressed with context and factual information

[@medfitconsultant]

You might as well change the currency to dollars!!!! Naira is simply over!

[@yungifez]

That'll just kill us even more imo Dollar is very scarce in circulation

[@patrickkolawole4104]

Tinubu throwing Naira into free floats markets led to depreciations of Naira.

[@vishnushabaraya2489]

Stopping dollar hoarding is need of the hour

[@uzonnasimeon6534]

Isn't it obvious Bola Tinubu is clueless about governance intrigues in modern day world.

[@FofXequalsYnot]

They don’t want to accept that it’s their “PDAPC roasted corn INEC-selected” president’s fault 😅

[@independenceandstability9935]

You cannot ask Nigeria to spy on fellow Nigerians. His suggestion is reminiscent of WW2

[@patrickkolawole4104]

President Tinubu errs by announcing at Inauguration Day fuel-subsidy removal & threw Naira into free floats!

[@frankosei-dwumaah672]

If care is not taken, Nigeria will descend into chaos and it will be a free for all. Those behind the bandits will seize the opportunity to carry out their long term plan of forcing Islamic caliphate on Nigeria.

[@medfitconsultant]

N2000...per dollar!???? Why??? This is not Zimbabwean economy! What is going on. This is a dead country walking! Who will fix this mess now?????😮

[@yungifez]

Welcome to the new world order

[@Mkpurundu7000]

Free fall is costed by gravity of course

[@frankosei-dwumaah672]

Stop all the stupid maths. Account for the oil income. Until there is accountability by those who have controlled power for years, no amount of oil pumped per day will solve the problem. Why the agitation now. Tinubu has been here just one year and Nigeria wants him to solve the problems created by Buhari. Southerners must watch out because the atmosphere us being set up for a coup and only the Northerners stand to gain. I weep for Nigeria. Listen to the former Emir of Kano and former president of CBN to regulate the banks and fire directors hoarding dollars. Nigeria is a failed state and its only a matter of time and Nigeria will turn to Sudan. The result will be catastrophic.