Host: Blessings Mosugu
Guest: Ayokunle Olubunmi, Head, Financial Institutions Ratings, Agusto&Co, Lagos, Nigeria
The frenzy among Nigerians for US dollars continues unabated, serving as a pressing concern for the incoming leadership of Nigeria's apex bank. The latest reports indicate that street traders are quoting the exchange rate at 992 Nigerian Naira per dollar, as reported by the Forward Marketing Bureau de Change Ltd., a trusted source for such data.
This alarming rate reflects a significant depreciation in the value of the Naira, particularly when compared to the exchange rate at the beginning of the month, which stood at 900 Naira per dollar. Notably, this current rate is approximately 30% lower than the official closing rate of 772.98 Naira per dollar recorded on the FMDQ trading platform just the day before.
It's worth recalling that in June, there was a momentary convergence between the official and parallel-market rates, largely driven by the reform pledges of newly elected President Bola Tinubu. However, the recent turbulence in the currency market raises questions about the sustainability of these earlier gains and highlights the ongoing challenges facing Nigeria's economic stability.
As the new leadership at the central bank takes the reins, they are confronted with the formidable task of addressing these currency woes and charting a course toward greater fiscal stability. The outcome of their efforts will undoubtedly shape the economic landscape and the livelihoods of millions of Nigerians. It remains to be seen how these challenges will be navigated and whether the Naira can regain its stability in the face of these tumultuous currency trading conditions.
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Currency Trading Chaos in Nigeria As Naira Trades At N992 To $1 on Friday | NC Now | 22-09-23
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