Connect with us
Padiwise Banner

Breaking News

GOD ABEG!! Dollar Refuses To Gree For Naira, Now Trades At N1,520 Per Dollar

Published

on

The naira depreciation caused the currency to fall further to N1,520.123 to a dollar, data from trading platform Naira Rates revealed Wednesday.

This is against the currency’s depreciation to N1,482.75 per dollar recorded in the official foreign exchange market on Tuesday, amounting to a N38 depreciation for the naira under 24 hours.

Tuesday’s fall made it the first time after the COVID-19 period that the official exchange rate will be higher than the parallel market exchange rate, which traded at N1,470 per dollar from N1,425 on Monday.

The monetary policy of President Bola Tinubu’s government played a huge role in the further downward slide of the naira after he floated the currency.

Mr Tinubu’s economic policy scrapping fuel subsidy and collapsing multiple foreign exchange windows into the single Importer and Exporter, or I&E window, drastically depreciated the naira’s value by 98 per cent, a report by the Price Water Coopers stated.

The top global business advisory audit firm said in its report ‘Nigeria’s Economic Outlook: Seven Trends That Will Shape Nigerian Economy in 2024’ released last Wednesday that Mr Tinubu implemented policies that had the domino effect of devaluing the naira by nearly 100 per cent but appealed to foreign investors as the move was projected to improve the economy in 2024.

On September 26, the naira witnessed an unprecedented historical low, dipping to N1000 against the U.S. dollar. Since then, the currency lost 17 per cent of its value.

The persistent decline of the naira is a source of concern and a spotlight on the challenges associated with President Bola Tinubu’s fiscal policies.

Despite the far-reaching consequences, including inflation and diminished economic purchasing power, Mr Tinubu has undertaken what his cabinet refers to as strategic moves, such as the petrol subsidy removal, which was met with resistance and scepticism but reflects an attempt to reduce the government’s financial burden and promote a more market-driven economy as well as the decision to adopt a clean float foreign exchange management.

The post GOD ABEG!! Dollar Refuses To Gree For Naira, Now Trades At N1,520 Per Dollar appeared first on Naijaloaded | Nigeria’s Most Visited Music & Entertainment Website.

Disclaimer:  We sell any type of script/themes/plugins, we also offer web design/developement, graphics design, SEO, Social media followers, VTU Platform and more. visit our contact page to get in touch with us or WhatsApp (+234) 08114313795. data
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Entertainment

Entertainment5 months ago

John Okafor Mr. Ibu Biography: Net Worth, Family, Movies And More

John Okafor Mr. Ibu Biography & Net Worth ( Fully Updated ) John Okafor is more commonly known as Mr....

Entertainment5 months ago

Brely Evans Biography: Husband, Books, Age, Career

Brely Evans, who was born on December 9, 1972, in Oakland, California, and raised in Milwaukee, Wisconsin, is a multi-talented...

Entertainment5 months ago

Meet Gbadebo Rhodes Vivour, The Labour Party Governorship Candidate In Lagos State 

Gbadebo Rhodes Vivour profile Gbadebo Chinedu Rhodes-Vivour, popularly known as GRV, is a Nigerian architect, activist, and politician born on...

Entertainment5 months ago

Yinka Okeleye Biography: Age, State Of Origin, Education, Wife, Songs, Girlfriend

Adeyinka Okeleye is a talented Gospel singer and worship leader from Ogun State, Nigeria. He currently serves as the Music...

Entertainment5 months ago

Sunmisola Agbebi Biography: Age, Songs, Family, Boyfriend, Net worth, Education

Sunmisola Elizabeth Agbebi is a talented Nigerian gospel singer with a distinct and energetic style. She is 24 years old...

Entertainment5 months ago

Meet Beatrice Itubo, The LP Governorship Candidate In Rivers State

Beatrice Itubo, the Labour Party gubernatorial candidate for the 2023 governorship election in Rivers State was born on Sunday, June...

Entertainment5 months ago

Meet Somachi Chris Asoluka , The New CEO Of Tony Elumelu Foundation

Somachi Chris Asoluka was announced as the new Chief Executive Officer of Tony Elumelu Foundation on January 9, 2023. She...

Entertainment5 months ago

Tasha Cobbs Leonard Christmas Family Photos With Husband And Children

It’s December 26 and everyone especially married people is sharing their beautiful family photos with matching pajamas . Well, famous...

Entertainment5 months ago

10 THINGS YOU SHOULD KNOW ABOUT DEBORAH PAUL ENENCHE

Deborah Paul Enenche was born on 28 of March 1995 2. She is a Nigerian top-rated gospel singer and first...

Entertainment5 months ago

Lillian Mutambo Biography: Age, Investment , Marriage And More

Lillian Mutambo is a 39 year -old Zambian social worker and youtuber based in the United Kingdom. Music Career Lily...