Naira Falls to N956/$

Naira Falls to N956/$

Hey there! So, there’s been some news about the Nigerian currency, the Naira. It seems like its value has gone down because there’s not enough dollars available. Let’s find out more!

The Numbers

According to the FMDQ Securities Exchange, the Naira went from being worth N840.53/$ on Wednesday to N956/$ on Thursday. That’s a 13.78% decrease! Also, the amount of dollars traded in the market went down from $198.21m to $105.50m.

A Rollercoaster Day

On Thursday, the Naira started off at N800.90/$, but it didn’t stay there for long. Throughout the day, its value went up and down, reaching a high of N1136/$ and a low of N615/$. Finally, it closed at N956.33/$.

Naira Appreciate Against Dollar

Trouble for the Naira

Even though the Central Bank has been trying to fix things, the Naira is still not doing well. In fact, it’s one of the worst-performing currencies in the world! Since June, it has lost about 40% of its value. That’s not good news at all.

What the Experts Say

The Economic Intelligence Unit, which is a group that studies and analyzes things, says that the Central Bank doesn’t have enough power to solve the problem. They think that the Naira will continue to be under pressure and that foreign investors will be worried. They also predict that the exchange rate will be unstable and there might be more devaluations.

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