Sunday Update: Naira’s Substantial Devaluation Sparks Economic Concerns

Published December 10, 2023 at 9:42 AM

Sunday Update: Naira’s Substantial Devaluation Sparks Economic Concerns

Written By Oshiobugie John

In a worrisome development, Nigeria’s national currency, the Naira, has undergone a significant devaluation against the US Dollar and other foreign currencies. This devaluation is linked to the economic reforms implemented during President Tinubu’s tenure. CONTINUE READING

Despite recent challenges faced by the US Dollar and the CBN’s efforts to clear the Fx backlog, the Naira has experienced a notable depreciation of approximately ten Naira against the Dollar. This has prompted questions from netizens, wondering about the whereabouts of the dollar and why the NNPC is not bringing in dollars, especially as Tinubu halts the subsidy plan on fuel. The current exchange rates are as follows:

1 USD >>>>> ₦1,193.393
1 GBP >>>>> ₦1,461.425
1 EUR >>>>> ₦1,249.081
1 CAD >>>>> ₦879.05

This significant devaluation is causing concerns among the public. The diminishing value of the Naira has potential far-reaching implications for the economy and the purchasing power of citizens. Stay tuned for further updates on this evolving financial situation as experts and analysts assess the impact and explore potential remedies for the economic challenges at hand.

Source; Bushradiogist