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BREAKING NEWS: V!Deo Trending Now! Pastor Arrested For Secretly Sleeping With Married Woman For 11 Years – |Watch Here|The Nigerian naira has hit a new all-time low, plummeting to N1,745 per US dollar in the parallel market. This sharp depreciation is primarily attributed to increased speculation and a persistent shortage of foreign exchange. ...READ THE FULL STORY FROM SOURCE ...READ THE FULL STORY FROM SOURCE
Naija247news gathered that the naira has been on a downward spiral in recent months, fueled by concerns over Nigeria’s economic outlook and the Central Bank of Nigeria’s (CBN) foreign exchange policies. The ongoing scarcity of dollars has exacerbated the situation, leading to a surge in demand for the US currency.
According to Naija247news, currency traders have blamed speculators for exacerbating the situation. They allege that a group of individuals are deliberately hoarding foreign exchange and creating artificial scarcity to drive up the exchange rate.
“The situation is dire,” a currency trader told Naija247news. “Speculators are taking advantage of the weak naira and the shortage of dollars to make huge profits. This is hurting businesses and individuals alike.”
The depreciation of the naira has far-reaching implications for the Nigerian economy. It can lead to higher inflation, as imported goods become more expensive. It can also erode the purchasing power of Nigerians and stifle economic growth.
Naija247news understands that the CBN has been implementing various measures to stabilize the naira, including tightening monetary policy and intervening in the foreign exchange market. However, these efforts have had limited success in stemming the decline.
To address the issue, experts suggest that the CBN needs to adopt a more flexible exchange rate regime and implement policies to boost foreign exchange inflows. Additionally, the government should focus on diversifying the economy and reducing dependence on oil revenue.BREAKING NEWS: V!Deo Trending Now! Pastor Arrested For Secretly Sleeping With Married Woman For 11 Years – |Watch Here|
As the naira continues to weaken, there is growing concern about its impact on the Nigerian economy. The government and the CBN must take decisive action to stabilize the currency and restore confidence in the economy.…Read -T.he.Full_Article.Here.
