The Naira continues to take a dip despite frantic efforts by the Central Bank of Nigeria to steady it. The Naira currently trades at ₦470 per $1, its lowest in several months.
Foreign news outlets have reported that with this new figure, the Naira has lost all its initial grounds after regulators attempted to rescue it.
Several measures have been introduced such as limiting the international transfer limit to $100 per month for individuals and crashing the interests rate for savings accounts yet the value of the Nigerian currency continues to dwindle.
Inflation also continues to thrive with the price of foodstuff reportedly 40% higher than pre-COVID-19 times.
Renowned economic analyst, Bismark Rewane disclosed that with oil prices facing renewed threat due to the second wave of the COVID-19 virus, supply of forex will remain limited
Nigeria’s foreign reserves currently stands at $35.63 billion, the lowest since August 2020.
Read Also:
