In a stark turn of events, the Nigerian naira witnessed a significant devaluation on Saturday morning, plummeting to N1,425 per dollar in the parallel market. This marked a substantial decline from the previous day’s rate of N1,405 per dollar on Friday.
The latest figures reveal a challenging economic landscape, with the exchange rate reflecting the strain on the Nigerian currency. In the informal market, the naira struggled against the US dollar, with a notable decrease in its value.
As of now, the naira to dollar exchange rates stand as follows:
These numbers underscore the severity of the currency crisis, raising concerns among traders, investors, and the general public alike. The situation calls for a thorough examination of economic policies and potential interventions to stabilize the currency and mitigate the adverse effects on the nation’s economy. The developments in the foreign exchange market will be closely monitored in the coming days to assess the evolving economic landscape in Nigeria.
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