Monday, September 20, 2021

Naira Tumbles Further, Now ₦550 To A Dollar

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The Nigerian naira has further dipped in the parallel market as it now sells for a whopping ₦550 against the dollar, on popular forex trading platform.

The naira, which sold at N548/$1 Monday morning, now sells at N550/$1 in the evening of the same day.

Read Also: History Of Nigerian Naira, The ‘₦’ Sign, Old Exchange Rates And Everything You Need To Know

The local currency has continued to depreciate, despite efforts by the governor of the Central Bank of Nigeria, Godwin Emefiele, to salvage what’s left of its value.

On July 27, Mr Emefiele halted sales of forex to Bureau De Change (BDCs) operators across the country.

Central Bank Reduces Intervention Interest Rate From 9% To 5%
This has caused a heavy scarcity of the dollar which is one of the highly demanded foreign currencies.

Read Also: Unemployment Under Buhari’s Government Is The Worst In Nigeria’s History – World Bank

Nigeria, which consumes more products than it manufactures, has continued to suffer heavy inflation over the unending rise of the dollar.

The depreciation in the value of the naira translates to a heavy hike in the prices of imported products such as milk, sugar, rice, electronics, cars, and many other consumables.

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Photo Credit: Getty

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