What’s the Nigerian Naira to Dollar Exchange Rate Nowadays?
Why Does the Oil Prices Plummet depreciate of Naira to Dollar Devalue?
The continuous plunge in oil demand globally is a result of the lockdowns and restrictions caused by the coronavirus pandemic and concerns over global storage facilities which are rapidly getting filled up with tank owners rejecting storage offers. Africa’s largest oil producer relies on earnings from the black commodity for more than 90% of its export revenues. The International Monetary Fund slashed the West African nation’s economic growth projection to 2% from 2.5% because of a decline in oil prices. The naira has depreciated to N420 per dollar at the parallel market
For some oil-producing countries, falling oil prices have been disastrous, bringing the rapid foreign exchange rate falls and affecting government and private sector finances. Few have been harder hit than Nigeria because the principal export of it is oil and oil production contributes over 10% of Nigeria’s GDP.
So now how much is naira to a dollar?
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Nigerian economist Oluwasola Emmanuel said the black market interest rates of the past few weeks show that there is nothing to hedge against depreciation trends because the central bank did everything it can. Emmanuel doubts whether the government is now able to strongly support local industries to reduce imports, especially food. It is said that Nigerian families spent 27 billion naira on food last year. If the government intervention of the depreciation fails, the naira may fall to N500/1$ before the end of the year and the current exchange rate of the black market is N470/1$.
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