Naira to Dollar has crashed at the official window.
The Nigerian naira’s value against the United States dollar has experienced a significant decline, with the exchange rate dropping from N770.02 per dollar to N785.89 per dollar. This drop in value coincides with the actions of the Federal government, led by President Bola Tinubu, which secured a $3 billion loan from the Afrexim Bank. This loan carries an interest rate of 10 to 11% and is to be repaid using crude oil.
The depreciation of the Nigerian currency has been ongoing since President Bola Tinubu assumed office. Prior to his presidency, the naira was valued at 450 to the dollar, and on the black market, it was trading at N750 per dollar. Unfortunately, during his tenure, the naira has seen a substantial decline, plummeting to 950 in the black market exchange rate. This situation raises concerns about the stability of the currency and the economic impact of these fluctuations.