In a staggering blow to the Nigerian economy, the Naira has taken a sharp nosedive against the US Dollar, plummeting to unprecedented lows on the black market.
As of the latest reports, the exchange rates stand as follows:
Dollar to Naira Rate
This alarming depreciation signifies a significant weakening of the Naira against the Dollar, exacerbating concerns over the stability of the nation’s currency.
Economic analysts attribute this dramatic downturn to a confluence of factors, including dwindling foreign reserves, persistent inflationary pressures, and uncertainty in global markets.
The implications of this currency crisis are far-reaching, with potential repercussions for inflation, purchasing power, and overall economic growth.
Authorities are under mounting pressure to implement measures to stem the free fall of the Naira and restore stability to the currency market.
As the situation unfolds, stakeholders are closely monitoring developments, with hopes pinned on decisive action to mitigate the escalating currency crisis.
The Presidential Committee on Livestock Sector Reforms Implementation has submitted its inception report to President…
On Monday, the National Examinations Council (NECO) released the results for the 2024 SSCE external…
The Osun State Police Command has apprehended suspected members of the proscribed Yoruba Nation group.…
Lobi Stars have ramped up preparations for their Nigeria Premier Football League matchday three clash…
The Nigerian Army has reported that its troops have effectively neutralized terrorists, recovered weapons, and…
Galatasaray forward, Michy Batshuayi has clarified that there is no rivalry between him and Super…