Politics
Wednesday Update: Naira Continues Depreciation Against The US Dollar, Pounds, Euro, Others- Check Rates
Wednesday Update: Naira Continues Depreciation Against The US Dollar, Pounds, Euro, Others- Check Rates....KINDLY READ THE FULL STORY HERE▶
Written By Oshiobugie Omo-Ikirodah
The latest exchange rates indicate a continued devaluation of the Naira. As of now, 1 USD is trading at ₦1,120.159, 1 GBP at ₦1,254.878, 1 EUR at ₦1,072.545, and 1 CAD at ₦773.684. This decline follows the recent drop below 900 at the parallel market. CONTINUE READING
The devaluation of the Naira can be attributed to the removal of the foreign exchange (fx) subsidy by President Tinubu, aimed at saving billions of dollars for the economy. Despite the Central Bank of Nigeria’s efforts to clear the fx backlog for various goods a week ago, the Naira’s value continues to plummet, highlighting the significant economic challenges Nigeria faces.
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Source: Bushradiogist
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