The Nigerian naira depreciated further against the USD, reaching NGN 1,400 on the black market, a 19.64% decline in just two weeks compared to the rate of NGN 1,125 per USD on April 12, 2023. USD liquidity has decreased partly due to the departure of foreign portfolio investors spooked by the Israel-Hamas conflict and a strengthening USD. With the lack of NGN-USD NDFs or Exchange-Traded Derivatives (ETDs) available for hedging, investors are selling fixed-income securities, exacerbating the naira’s decline.