The Nigerian Naira experienced a severe devaluation today, closing at N800 to one dollar on the black market.
The country’s currency had started the day at N710 per $1 in the market, also referred to as the “black market,” but it progressively declined to N720, then to N750, and ultimately closed the day at N800.
Businesses are currently counting their losses as currency rate uncertainty puts their trading gains on the line. Prior to the 2015 presidential election, the now-ruling party had vowed to make 1 naira equal to 1 dollar.
Many Nigerians are perplexed by the situation, and some have turned to Google to find out whether the naira would continue to decline or rise in value in 2023.
According to the most recent news coming out of Abuja, it appears that the central bank governor is also perplexed.
Despite the fact that Bureau of the Change operators are still prohibited from operating, the government led by Buhari recently announced plans to redesign the nation’s currency in an effort to address the nation’s economic problems.
In a separate report, Mandy News was informed New naira pieces would be released by December 15, according to Godwin Emefiele, the head of the central bank.
We anticipate that will shed light on the naira.
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Source: MandyNews.com
