The Nigerian Naira on Wednesday, March 8, crashed against the American Dollar and Pound Sterling at the parallel market but stayed unchanged against the Euro.
According to reports, the local currency has weakened to N465 per Dollar as against the N460 rate it was on Tuesday, March 7.
The Naira also crashed to N560 against the Pound from the previous rate of N555.
However, the local currency maintained the same N475 per Euro like it was yesterday, March 7.
At the official market, the currency remained pegged at 305 to the dollar.
The fall of the local currency comes hours after it was gathered that the federal government may be considering plans to float the Naira.
According to a report on The Nation, a market-driven exchange rate regime is in the works, going by the federal government’s economic plan released on Tuesday, March 7.
There has been pressure that the Naira should be allowed to float, its worth dictated by market forces.
This, argue some experts, will attract investors. But the government insists that no country surrenders totally its currency to market forces, adding that it will intervene when necessary. It may have changed its mind.
FOLLOW US ON:
> The Forefront on Twitter
>BBM Channel: C002CB006 {WELCOME TO THE FOREFRONT
>{Instagram: the_forefront_nigeria }
Connect with Joshua Osagie (Blog owner)
FOLLOW US ON:
> The Forefront on Twitter
>BBM Channel: C002CB006 {WELCOME TO THE FOREFRONT
>{Instagram: the_forefront_nigeria }
Connect with Joshua Osagie (Blog owner)
Share this post with others on social media with options below.
|
No comments:
Post a Comment
Disclaimer!!! Opinions expressed in comments do not represent THE FOREFRONT MEDIA NG's views. All participants are entitled to their opinions. Thank you!!!
Advertise on the Forefront: For advert placement in the blog or advert posts like news updates, reach +2348124620827 [WhatsApp].
Copyright 2023 The Forefront Media Ng. All rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express written permission from The Forefront Media Ng