Naira plummeted to a record low of N1,348.63 against the US Dollar on Monday, signaling a 33.87% decline from the previous Friday's closing rate of N891.90. This unprecedented depreciation, witnessed at the official NAFEM market, reflects the severity of the current economic challenges facing...
The Naira experienced a staggering fall, reaching a historic low of N1,105 against the US Dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEM), the Central Bank of Nigeria's (CBN) approved official market.
The day began with the Naira opening at N830, marking a rapid depreciation...
Photo by Giorgio Trovato on Unsplash
Nigeria is currently facing a persistent scarcity of dollars, which has resulted in a record net foreign exchange loss of N452 billion for major consumer goods companies, according to a detailed analysis by Premium Times Nigeria. The currency exchange policy...
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