The Naira is one of the currencies whose value has fallen the most in the world, according to Bloomberg News A report by the Bloomberg new...
The Naira is one of the currencies whose value has fallen the most in the world, according to Bloomberg News
A report by the Bloomberg newspaper in the United States has revealed that the Nigerian currency, the Naira, is one of the most depreciated in the world right now.
According to the report, the value of the Naira has fallen by about 37% this year alone.
According to the report, the Naira is the second most depreciated currency in the African continent where you remove the Ghana Cedi whose value has fallen by 55% this year.
Those following the Naira in the fall in value in Africa include the Leone of Sierra Leone whose value has fallen by 36% and the Egyptian pound which has lost 35% of its value.
However, another report says that the value of the Naira is still very strong after the change of government because the value has fallen by only 4% against the US dollar this year.
This means that the Naira is ahead of the Canadian dollar and the Swiss franc in maintaining its value against the American currency.
The Central Bank of Nigeria has determined the amount of dollars it sells to each group of people who need it in the country, which has made companies and individuals go back to looking for it in the unofficial market.
This, according to the report, is why there is a difference of 90% between the way the government changes the dollar in Nigeria and the way it is changed in private money changers.
The report quoted a money changer in the commercial capital of Lagos as saying that the exchange market was officially closed with the dollar at 442 naira and 75 kobo, at the same time it was changing at 890 naira on the side of the road.
The value of the Naira began to fluctuate a day after the central bank announced that it will change the country's currency in an attempt to reduce the number of banknotes in public.
The newspaper quoted an economist in the country as saying that the value of the country's currency may continue to fall due to the decrease in the income that the country receives from the sale of crude oil and the increase in remittances from the country due to the uncertainty associated with the election of the president. less to be done in February.