Will naira lose its value against the US dollar again? Learn the news now.
Presently Nigerian economy experiences various hardships. Many strikes, fuel scarcity, and other factors have negatively impacted it from the beginning of the year. Has naira to dollar rate changed again and for the worst?
Naira to the dollar: how low did naira fall this time?
The official national currency rate remains the same - N197 per 1 US dollar. However, the black market rate went rapidly down. From N357 it dropped to N367, and that is not it yet. Further devaluation can take place June 8.
Lagos Bureau De Change has no comforting news for people. It verifies the fact of another naira drop down. People are looking for ways to buy foreign currency. The scarcity of dollar supply creates all the conditions for the Naira to drop and dollar to rise even more.
Such a situation is partially caused by the CBN and their new currency trading policy. Dollars are hard to buy, and people are willing to pay more on the black market to get them anyhow. If you plan on selling your dollars, wait a little longer, as the naira may continue to fall. It would be a good time to make an extra income on the exchange rate.