Now, barely a month into his reign at the helm of affairs of the nation, the local currency appears to have tumbled massively due to some certain policies being implemented by the Central Bank of #Nigeria.
Things are not looking good at all for the economy as speculations continue to mount on the further devaluation of the naira. But, what is the brain behind all of these?
Read the report below by PUNCH
The naira fell to 226.5 on Monday against the United States #dollar at the parallel market.
The development mean the local currency has lost about 2.8 per cent of its value against the dollar since Wednesday when the #CBN introduced a new rule to the foreign exchange market.
The naira was sold for 220 to the greenback before the new forex rule was announced last week.
The CBN, as part of measures to conserve the dwindling reserves, barred importers of 41 items including rice, textiles, poultry products and private aircraft from buying hard currencies at the interbank forex market.
We hope you enjoyed reading the above post. How about helping us share the information to your fans and friends on social media? Meanwhile, you can rely on us daily for the latest and relevant free forex trading signals, free forex trading market news, free forex trading technical levels, weekly Pool draws, latest news from Nigeria and the world, educational articles and quality academic information, insurance news and scientific knowledge.
Do you need a classical ORGANIST or an excellent music teacher? CALL Fabian on 08033983034 or email him at firstname.lastname@example.org
Follow us on twitter @newsbeatportal
Engage #SantexTech today to build & install inverters, training on inverters & other electronic designs, projects/kits. Call 08039574535
Click to join Talk Nigeria Today, a group where hot, controversial, and breathtaking issues are brainstormed upon.