Naira news now

Here are the latest news updates on the Nigerian Naira:

Currency Update

• The Nigerian Naira (NGN) has continued to depreciate against the US Dollar (USD) and other major currencies. As of today, the exchange rate is around NGN 415 to USD 1.
• The Central Bank of Nigeria (CBN) has maintained a tight grip on the foreign exchange market, restricting access to foreign currency for many importers and businesses.

Economic News

• Nigeria's economy has been struggling due to low oil prices, corruption, and a lack of diversification. The country's GDP growth rate has been declining, and the economy is expected to contract in 2023.
• The CBN has implemented several policies to stimulate the economy, including a reduction in interest rates and an increase in the monetary policy rate.

Business News

• Many businesses in Nigeria are struggling due to the economic downturn. Several companies have gone bankrupt, and many more are at risk of closure.
• The CBN has provided support to some businesses, including a loan scheme for small and medium-sized enterprises (SMEs).

Inflation Rate

• Nigeria's inflation rate has been rising due to the depreciation of the Naira and the increase in prices of goods and services. The inflation rate is currently around 17.6%.
• The CBN has implemented policies to reduce inflation, including a reduction in the money supply and an increase in interest rates.

Other News

• The CBN has introduced a new policy to regulate the use of cryptocurrencies in Nigeria. The policy aims to prevent the use of cryptocurrencies for illegal activities.
• The Nigerian government has announced plans to increase the value-added tax (VAT) from 5% to 7.5%. The increase is expected to generate additional revenue for the government.

I hope this information is helpful. Let me know if you have any other questions!