Penultimate week when the naira hit an unprecedented record low to
cross the 200 bar against the United States' dollar, within the time
frame of a day or two, many stakeholders were shocked with the downfall
of the local currency.
Issues:
The continued fall of the naira against the foreign currencies, especially the dollar, is largely attributed to the drop in crude oil price at the international market from about $115 last year in June to $48 per barrel last week. This has affected currencies of many other countries who rely on crude oil as source of foreign exchange like Russia, Venezuela and Nigeria.
In November, the CBN devalued the naira, when it moved the midpoint of the official window of the foreign exchange market from N155 to N168 to the one US Dollar.
Read more at Click here / www.trade4x.net
Issues:
The continued fall of the naira against the foreign currencies, especially the dollar, is largely attributed to the drop in crude oil price at the international market from about $115 last year in June to $48 per barrel last week. This has affected currencies of many other countries who rely on crude oil as source of foreign exchange like Russia, Venezuela and Nigeria.
In November, the CBN devalued the naira, when it moved the midpoint of the official window of the foreign exchange market from N155 to N168 to the one US Dollar.
Read more at Click here / www.trade4x.net
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