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Nigeria Naira Crashes To N710 Per Dollar

Nigeria Naira Crashes To N710 Per Dollar

Nigeria Naira Crashes To N710 Per Dollar

On Wednesday, July 27, 2022, the value of a dollar in Nigerian Naira plummets to N710.

In a Western nation, one might anticipate that the governor of the central bank would step down, but because this is Nigeria, people don’t mind.

Your favorite blog, Mandy News, made a trip to the Aboki exchange forex and discovered that the current parallel market rate is set at N710 per dollar.

As of Friday afternoon, figures from Aboki Forex showed that the country’s currency, which on Monday was trading for N670 versus the dollar, had dropped even more by 6.7 percent in 48 hours.

But Mr. Godwin Emefiele, the governor of Nigeria’s central bank, has come under fire for his failure to launch meaningful initiatives to strengthen the currency value on the foreign exchange market.

At the time of this article, Punch News stated that Emefiele had been summoned by the Senate to provide an explanation for the depreciation of the naira.

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