Nigerian Naira Hits Record High of N1,372.91/$ Without CBN Intervention
The Nigerian Naira has hit an all-time high of N1,372.91 against the US Dollar in the parallel market, marking a significant depreciation. This surge occurred without any intervention from the Central Bank of Nigeria (CBN).
The lack of CBN inflow has contributed to the Naira's free fall, reflecting the challenges faced by the Nigerian economy, including foreign exchange scarcity and declining oil revenues. The Naira's depreciation has implications for inflation, import costs, and overall economic stability, highlighting the need for proactive measures to address the underlying issues causing the currency's decline.
Plus234Feed summary based on reporting from BusinessDay. Read the original report below.
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