Naira's exchange rate journey from highs to lows in the foreign exchange market will leave you amazed!
The naira experienced a rollercoaster ride against the US dollar in the foreign exchange market this week. Initially gaining marginally, it later hit new lows, leading to concerns about its value. The black market exchange rate also saw fluctuations, with the naira falling to alarming levels of N1825/$ and heading towards N2000. These developments have raised uncertainties about Nigeria's economic stability.
Amidst this turmoil, Nigeria faces an economic crisis as monetary reforms have not yielded the desired results. Inflation has been a significant factor contributing to the naira's depreciation, plunging the currency to record lows. The situation is exacerbated by the blame game, with some attributing the falling naira to economic saboteurs.
On a positive note, the official exchange rate has settled at N1551.24/$1, providing a glimmer of hope. The peer-to-peer market witnessed a surge in foreign exchange turnover, coinciding with the naira's slight strengthening against the dollar. Despite the challenges, there are efforts to stabilize the currency and mitigate the economic impact of the fluctuating exchange rates.
For the first since last week, the naira appreciated marginally against the US dollar on Tuesday at the foreign exchange market. Data from FMDQ showed.
ABUJA, Feb 20 (Reuters) -Nigerian non-deliverable currency forwards fell across the curve to a new record low against the dollar on Tuesday, mirroring falls on ...
What is the Dollar to Naira Exchange rate at the black market, also known as the parallel market (Aboki fx)?
Having declined by 4.4 per cent and 9.5 per cent at the official and parallel markets respectively, the value of the naira continued to.
Nigerian non-deliverable currency forwards fell across the curve to a new record low against the dollar on Tuesday.
The naira on Tuesday weakened to an all-time low, exchanging 1825 and heading to 2000 against the dollar at the parallel market...
Monetary reforms went wrong. Now Nigeria faces an economic crisis. In Nigeria, Africa's largest economy, inflation has caused the currency to fall to a record ...
A file photo combo of Ayo Oyalowo and some naira and dollar notes. A member of the All Progressives Congress (APC) Ayo Oyalowo says the falling value of the ...
The foreign exchange turnover saw a significant rise of 76.61% to $117.32 million, coinciding with naira's strengthening against the dollar.
Actress Mercy Aigbe has expresses concern on Instagram as Nigerian Naira currency is steadily weakening against the American dollar.