Business
BREAKING: Exchange Rate Crashes To N983 Per $1
The current rate is significantly lower than the N950/$1 observed just last week, indicating that the Central Bank of Nigeria
The exchange rate between the Nigerian naira and the US dollar has reached a record low of N983/$1 in the black market, according to quotes received by Nairametrics on Wednesday.
VerseNews reports that this represents a 2.93% decrease compared to the previous day when it traded at N955/$1, highlighting the ongoing foreign exchange crisis in the country.
The current rate is significantly lower than the N950/$1 observed just last week, indicating that the Central Bank of Nigeria (CBN) is facing challenges in stabilizing the foreign exchange market despite various policy announcements.
Earlier in August, the dollar had been as low as N955/$1, raising concerns among investors that it might reach N1000/$1.
However, it briefly appreciated to N840/$1 after the CBN warned speculators of potential major losses due to upcoming policy changes.
Osimhen Closes In on Yekini’s Goal Record After AFCON Brace
Victor Osimhen moved within three goals of Rashidi Yekini’s long-standing Nigeria scoring record after netting twice in the Super Eagles’...
Nigeria Hit Four in AFCON Knockout for First Time in 32 Years
Nigeria delivered a historic performance at the Africa Cup of Nations, scoring four goals in a knockout match for the...
Anthony Joshua May Quit Boxing After Deadly Nigeria Crash — Uncle Gives Reason
Former world heavyweight champion Anthony Joshua is considering stepping away from boxing following a tragic car crash in Nigeria that...
Lagos Begins Clearance of Illegal Structures Along Lagos–Badagry Expressway
The Lagos State Government has commenced clearance operations along the Lagos–Badagry Expressway to remove illegal structures and ease traffic congestion...
FG Discovers New Strategy to End WAEC, NECO Malpractice
The Federal Government has announced fresh strategies, including technology-driven reforms and stricter oversight, to tackle examination malpractice in WAEC and...
INEC Resumes Nationwide Voter Registration as Second Phase Begins
The Independent National Electoral Commission has resumed the Continuous Voter Registration exercise across the country...
‘Yahaya Bello Remains Innocent Until Proven Guilty’, EFCC Declares
The Economic and Financial Crimes Commission has reaffirmed that former Kogi State Governor Yahaya Bello remains innocent until proven guilty.
BREAKING: Tinubu Makes 21 New Appointments in Oil Sector
President Bola Tinubu has nominated former Rivers South-East senator Magnus Abe as chairman of the Nigerian Upstream Petroleum Regulatory Commission...
AI Used to Improve Quality of Tinubu-Kagame Paris Meeting Photo, Presidency Gives Details
The Presidency has responded to the reports alleging that a photograph of President Bola Tinubu with Rwandan President Paul Kagame...
How Rio Ferdinand Predicted Amorim’s Sacking
Manchester United legend Rio Ferdinand says Ruben Amorim’s dismissal did not come as a shock, revealing that recent press conferences...
You must be logged in to post a comment Login