Exchange rate in nigeria news

Here are some recent news articles and updates on the exchange rate in Nigeria:

Current Exchange Rate in Nigeria

As of [current date], the official exchange rate in Nigeria is:

• 1 US Dollar (USD) = 360-370 Nigerian Naira (NGN)
• 1 British Pound (GBP) = 450-460 NGN
• 1 Euro (EUR) = 420-430 NGN
• 1 South African Rand (ZAR) = 25-27 NGN

Recent Exchange Rate Fluctuations

• The Nigerian currency, the Naira, has been experiencing a decline in value against major currencies, including the US Dollar, British Pound, and Euro, due to a combination of factors such as a decline in oil prices, a widening trade deficit, and a lack of foreign investment.
• In recent weeks, the Naira has fallen to a record low against the US Dollar, with some market operators quoting a rate of 380-400 NGN per USD.
• The Central Bank of Nigeria (CBN) has been intervening in the foreign exchange market to stabilize the Naira, but the efforts have been largely unsuccessful in stemming the decline.

CBN's Intervention

• The CBN has been selling dollars to authorized dealers at a rate of 305-310 NGN per USD, but the demand for dollars has been outstripping supply, leading to a widening gap between the official and parallel market rates.
• The CBN has also been imposing restrictions on foreign exchange transactions, including limiting the amount of foreign exchange that can be taken out of the country and imposing penalties on individuals and companies that fail to repatriate their foreign exchange earnings.

Impact on Economy

• The decline in the value of the Naira is having a significant impact on the Nigerian economy, including:
  • Inflation: The decline in the value of the Naira is leading to higher prices for imported goods and services, which is contributing to inflation.
  • Trade deficit: The widening trade deficit is putting pressure on the country's foreign exchange reserves.
  • Investment: The decline in the value of the Naira is making it more difficult for foreign investors to invest in Nigeria, which is affecting the country's economic growth.

Recent News Articles

• "Naira Falls to Record Low Against Dollar" - ThisDay Live (February 2023)
• "CBN Intervenes in Forex Market, Sells $250m" - Vanguard News (February 2023)
• "Nigeria's Inflation Rate Rises to 15.7% as Naira Weakens" - Bloomberg (February 2023)
• "Nigeria's Foreign Exchange Reserves Fall to $33.4bn" - Premium Times (February 2023)

Please note that the exchange rate can fluctuate rapidly and may change significantly over time. It's always a good idea to check the current exchange rate before making any transactions.