Latest news on nigeria currency
Here are the latest news and updates on the Nigerian currency, the Naira:
Current Exchange Rate: As of March 2023, the official exchange rate is:
- 1 USD = 415 Naira (Interbank Rate)
- 1 USD = 450-500 Naira (Black Market Rate)
Recent Developments:
- Naira Appreciation: The Naira has been experiencing a slight appreciation against the US Dollar in recent weeks, with the interbank rate improving to 415 Naira per Dollar.
- CBN Intervention: The Central Bank of Nigeria (CBN) has been intervening in the foreign exchange market to stabilize the Naira, injecting over $1 billion into the market in February 2023.
- Black Market Rate: The black market rate, also known as the parallel market rate, remains higher than the official rate, with some dealers offering 450-500 Naira per Dollar.
- Inflation Rate: Nigeria's inflation rate has been rising, driven by high food prices and a weak Naira. The inflation rate stood at 17.6% in February 2023.
- Economic Challenges: Nigeria's economy is facing challenges, including a decline in oil production, a rise in debt, and a weak currency, which has impacted the Naira's value.
- Currency Restriction: The CBN has imposed restrictions on the use of foreign currency in Nigeria, requiring importers to repatriate 75% of their foreign exchange earnings.
- Digital Currency: The CBN has announced plans to launch a digital currency, known as the eNaira, to improve financial inclusion and reduce the use of cash in transactions.
Outlook: The outlook for the Naira remains challenging, with the currency expected to continue to face pressure due to the country's economic challenges and the impact of the COVID-19 pandemic. However, the CBN's interventions and efforts to improve the economy may help to stabilize the Naira in the long term.
Sources:
- Central Bank of Nigeria (CBN)
- Nigerian National Petroleum Corporation (NNPC)
- Bloomberg
- Reuters
- The Punch
- Vanguard News