Nigeria naira record closing low n292 90 dollar
It seems like you're referring to the current exchange rate between the Nigerian Naira (NGN) and the United States Dollar (USD).
According to recent reports, the Nigerian Naira has indeed reached a record low against the US Dollar, with a closing rate of around N292.90 per $1 USD.
This significant depreciation of the Naira is attributed to various factors, including:
- Economic challenges: Nigeria is facing economic difficulties, including a high inflation rate, a large trade deficit, and a decline in oil production and prices.
- Dollar scarcity: The country is experiencing a shortage of foreign exchange, which has led to a surge in demand for dollars and a subsequent depreciation of the Naira.
- Global economic uncertainty: The ongoing global economic uncertainty, including the COVID-19 pandemic and trade tensions, has also contributed to the Naira's decline.
It's essential for individuals and businesses in Nigeria to be aware of these developments and adjust their financial strategies accordingly.