Economic Concerns Escalate As Naira Suffers Ongoing Devaluation Against Major Currencies Despite CBN’s Recent FX Backlog Clearance

Economic Concerns Escalate As Naira Suffers Ongoing Devaluation Against Major Currencies Despite CBN’s Recent FX Backlog Clearance....KINDLY READ THE FULL STORY HERE▶

Written By Oshiobugie John

In a concerning development, Nigeria’s national currency, the Naira, faces a significant devaluation against the US Dollar and other foreign currencies, attributed to economic reforms initiated during President Tinubu’s tenure. CONTINUE READING

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Despite the Central Bank of Nigeria (CBN), led by Yemi Cardoso, clearing the billion-dollar backlog weeks ago, the Naira initially responded positively before encountering renewed challenges. The latest data shows a notable depreciation of approximately ten Naira against the Dollar, raising concerns about dollar availability and the absence of inflows from the Nigerian National Petroleum Corporation (NNPC), especially after President Tinubu’s recent subsidy plan halt on fuel.

As of the latest update, exchange rates stand at:

• 1 USD >>>>> ₦1,231.936
• 1 GBP >>>>> ₦1,533.266
• 1 EUR >>>>> ₦1,310.484
• 1 CAD >>>>> ₦910.737

This significant devaluation prompts widespread apprehension, posing potential challenges for the overall economy and citizens’ purchasing power. Stay tuned for further updates as experts and analysts assess the impact and explore potential remedies for the evolving economic challenges.

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Source: Bushradiogist