Nigerian Currency Plunges to All-Time Low Versus Dollar, Central Bank Revokes Licenses of two,700 Currency Exchanges
The change charge of the Nigerian foreign money versus the dollar not too long ago plunged to an all-time low of NGN860:USD1. The naira’s depreciation...
Nigeria Declares Food Emergency After Sixth Consecutive Increase in Inflation Rate
The Nigerian authorities declared a meals value emergency after the newest information from the National Bureau of Statistics (NBS) confirmed that the nation’s inflation charge...
Nigeria Currency Presently Undervalued Says Bank of America Analysts
According to Bank of America analysts, the Nigerian forex is at the moment undervalued and can seemingly finish the yr buying and selling at round...
Nigerian Currency Falls by More Than 30% After Central Bank Announced New Forex Market Rules
The Nigerian foreign money’s official trade fee versus the dollar just lately plunged to NGN634 per greenback from slightly below NGN470 per greenback. The central...
Nigeria’s Rising Inflation and Foreign Exchange Shortages Fueling Devaluation Speculation — IMF Mission
According to the International Monetary Fund (IMF)’s mission concluding assertion, Nigeria’s rising inflation price in addition to the persevering with scarcity of overseas forex are...
Report: Bank of America Economist Predicts 20% Devaluation of the Nigerian Currency in 2023
A Bank of America economist, Tatonga Rusike, has stated the Nigerian forex is overvalued by as a lot as 20% and can doubtless be devalued...
Nigerian Central Bank Told to Consider Floating the Naira, Recent Interest Rate Hike Slammed
The Central Bank of Nigeria must be discontinuing the fastened change fee system and let the naira freely float in opposition to the main currencies,...
Report: Nigerian Central Bank Incentive Scheme Failed to Halt Naira Depreciation
The Central Bank of Nigeria (CBN)’s try to incentivize the nation’s foreign exchange market by the so-called “Naira for Dollar” scheme has failed. This is...
Nigerian Presidency: Vice President Yemi Osinbajo Against ‘Willy-Nilly Devaluation of the Naira’
The Nigerian presidency has denied reports that the country’s Vice President (VP), Yemi Osinbajo, was calling for the devaluation of the local currency when he...
Nigerian Currency Plunges to New Low of 570 — 10% of Value Lost in Under 30 Days
The Nigerian currency, the naira, plunged to a new all-time low of N570 for every dollar on September 16, 2021. This new exchange rate means...