Tuesday Update: Naira Hits New Low, Continues Devaluation for the 9th Consecutive Day- New Rates Unveiled

Tuesday Update: Naira Hits New Low, Continues Devaluation for the 9th Consecutive Day- New Rates Unveiled....KINDLY READ THE FULL STORY HERE▶

Written By Oshiobugie John

The Nigerian Naira is experiencing heightened panic among citizens as it hits a new low, marking the ninth consecutive day of devaluation since the beginning of the new year. This persistent trend has been notably consistent, following the removal of the foreign exchange (FX) subsidy, coinciding with President Tinubu’s assumption of office. CONTINUE READING

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Despite a brief surge in foreign exchange during the festive season, attributed to the return of diaspora Nigerians and substantial financial support from Afrexim Bank, the Naira remains in a precarious state of instability. Daily fluctuations in its value depict a worrisome financial outlook for Nigeria, prompting concerns about the repercussions of recent policy changes and economic measures.

As of the latest rates:

• 1 USD equals ₦1,238.365
• 1 GBP equals ₦1,522.532
• 1 EUR equals ₦1,301.309
• 1 CAD equals ₦904.361

This update raises questions about the effectiveness of current monetary policies and the need for strategic interventions to stabilize the nation’s currency.

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