Has naira really regained its positions against dollar on black market? Learn now.
The spring has become a rather troublesome time for Nigerians. Naira to dollar exchange rate drastically went down and instead of official N1999 to $1, it shifted up to N400. What is taking place now at the black market?
Nigerian currency is gaining strength
There have been several positive changes in the currency exchange rate in Nigeria. On May 5 naira to dollar on black market rate turned to N317. It has regained some of its strength. Why does it happen? Well, according to bureau de change presidential policy to the Nigerian currency has played a key part in it.
President Buhari refused to devalue naira foreseeing many negative consequences to people and the country. Plus, his recent visit to China has also played its part. It is a good sign for Nigerian economy and for the people. Devaluation of Naira has led to their extreme poverty and inability to pay for the basic needs and products. We hope that Nigerian currency would keep on getting stronger against US dollar.