Browsing: Naira

The Nigerian naira has been identified as one of the weakest currencies in Sub-Saharan Africa for 2024, according to the latest report from the World Bank, titled “Africa’s Pulse.” As of August 2024, the naira has experienced a steep depreciation of around 43% year-to-date, placing it alongside the Ethiopian birr and the South Sudanese pound in terms of performance.

Speaking on Channels Television’s The Morning Brief programme, economic analyst Oyalowo highlighted a crucial factor behind the nation’s economic difficulties: the weak performance of the naira against the dollar. “I don’t think the price of fuel is a major problem; what is causing most of this problem is the rate at which our naira is priced against the dollar,” Oyalowo stated.

In a recent announcement, former Lagos State Governor and potential presidential candidate, Bola Tinubu, has revealed plans to bolster the Nigerian Naira. Dr. Tope Fasua, the Special Adviser to the President on Economic Matters, shared this information during a “Cowries to Cash” lecture and luncheon in Abuja.

One Naira now placed at Five Hundred and Thirty (N530) as against One Dollar, Six Hundred and Twenty (N620) against the Euro and Seven Hundred and Twenty-Two (N722) to the Pound in the parallel market.

Naira Exchange Rate will soon be transacting at the same level as other currency denominations, just as the Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, opined that the Nigerian money is heading towards a unified market value.

In an attempt to identify the numerous challenges crippling economic activities in Nigeria, the President of Nigeria Labour Congress, NLC, Ayuba Wabba, was quick to state that the nation’s currency had since lost its value by over 150%.

The one thing that can stop you from relocating out of Nigeria, is the simple reason that travel agencies have just received a notification directing all parties to jack up International Travel Cost for tickets sold in the country.

We still depend on our foreign exchange earning on oil export. We still import everything. The president does not use anything Nigerian. The same with ministers and governors. So we are back to ground zero.