Naira forum news

Here are some recent news updates from the Naira Forum:

Naira Weakens Against Dollar, Hits New Low

The Nigerian naira has continued its downward trend, hitting a new low against the US dollar. The exchange rate has now reached N430 to the dollar, a significant drop from the N360 mark it was trading at just a few months ago.

CBN Introduces New Forex Policy

The Central Bank of Nigeria (CBN) has introduced a new foreign exchange policy aimed at stabilizing the naira. The policy, which takes effect from March 2023, will see the CBN auctioning dollars to authorized dealers at a fixed rate of N420 to the dollar.

Nigeria's Inflation Rate Hits 17.6%

Nigeria's inflation rate has hit 17.6%, the highest in over a decade. The rise in inflation is attributed to a combination of factors, including the depreciation of the naira, high food prices, and a rise in the cost of living.

Naira Scarcity Hits Lagos, Abuja

The scarcity of naira notes has hit major cities in Nigeria, including Lagos and Abuja. The scarcity has led to long queues at banks and ATMs, causing inconvenience to many Nigerians.

Nigeria's Economy Contracts by 3.6%

Nigeria's economy has contracted by 3.6%, the first contraction in over a decade. The contraction is attributed to a combination of factors, including the decline in oil prices, the COVID-19 pandemic, and the economic impact of the naira's depreciation.

CBN Introduces New Naira Notes

The Central Bank of Nigeria (CBN) has introduced new naira notes, featuring the portraits of Nigerian heroes and heroines. The new notes, which are designed to be more secure and durable, will replace the existing naira notes.

Nigeria's Forex Reserves Hit Record Low

Nigeria's foreign exchange reserves have hit a record low, standing at $33.4 billion. The decline in reserves is attributed to the country's reliance on oil exports and the depreciation of the naira.

These are just a few of the recent news updates from the Naira Forum.