Latest Updates About Nigerian Dollar

Nigeria has introduced a new flexible exchange-rate regime for official transactions, effectively devaluing the naira for the third time in a year. Finance Minister Zainab Ahmed told reporters in Abuja that the government will use the adjustable rate for transactions, which has previously only extended to investors and exporters. Analysts claim Nigeria's latest naira-for-dollar scheme, which is a Nigeria dollar news is spread to promote remittance payments would fall short of the country's reported goal of currency stabilization. 

Get the latest news from Nigeria dollar news?

 On March 6, central bank Governor Godwin Emefiele announced an N5 incentive for every $1 in remittances. The aim, according to Emefiele, is to increase incoming foreign currency flows and, as a result, help exchange rate stability. The policy entails a one percent naira reward for sending dollars home.




According to Anas Auvray, West Africa consultant at the Africa Matters consulting firm in London, this is unlikely to lead to currency stability. It increases the likelihood that more naira will need to be printed. Since the beginning of the year, as the flexible rate is called, it has averaged 410 nairas to the dollar, 8% lower than the Central Bank of Nigeria's old fixed rate of 379 nairas.

What is the new verdict for Nigeria dollar news?

 

Governor Godwin Emefiele shares more light when the central bank announces its interest rate decision Tuesday. Due to increased demand for dollars despite foreign-currency shortages, the Nigerian naira fell to its lowest level over three years on the parallel market. According to Nigeria dollar news, a website that collates comparable market prices in Lagos, the local unit depreciated to about 495 per dollar on the previous week, the lowest since February 23, 2017, widening the difference with the official rate of 379.5 percent to over 30 percent.

 

A weaker naira will boost Africa's most considerable crude producer's revenue from oil, converted at the fixed official rate. The earnings from oil exports account for about half of Nigeria's revenue and about 90 percent of foreign exchange earnings. Nigeria had already devalued its currency twice since March last year. Adopting the flexible-rate policy could assist discussions with the World Bank for a $1.5 billion loan partly conditional on currency reforms.

Changes made in the trade of the Nigerian dollar. 

 

The new Nafex rate was introduced in 2017 to woo foreign investors without formally devaluing them. The trading of goods and products becomes very popular, real or virtual, and currencies involve significant risk. Because of this, prices can and do fluctuate on any given day. Such price fluctuations may increase or lose value in your assets at any given moment. Any currency - virtual or not may be subject to large swings in value and may become worthless. 

What is the cost of the Nigerian dollar?


There is a risk that losses will occur due to buying, selling, or trading anything on the market. 

You should carefully look for whether your financial situation and tolerance for risk are suitable for buying, selling, or trading Currencies. Exports of cocoa and other non-oil products have slowed due to the central bank's order that exporters should register with it through an online portal. 

This would exacerbate the country's foreign exchange shortages and hamper the government's attempts to diversify the economy away from oil, the country's key export. The Nigeria dollar news is concerned about commercial banks and the trade going on.


Conclusion: Nigeria's existing foreign exchange reserves are well established to give competition in the market. There can also be some additional risks that we have not foreseen or identified in our Terms of Use.

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