The exchange rate of the Nigerian Naira to the US Dollar has plunged to ₦990 at the black market. This alarming economic news follows recent statements by the Minister of Finance, Wale Edun, who asserted that the fair value of the Naira should be ₦700 to the US dollar.
The sharp depreciation of the Naira has raised concerns about the stability of the Nigerian economy. With the exchange rate reaching ₦990 to the dollar on the black market, there are fears of potential inflationary pressures and challenges for businesses and individuals who rely on foreign exchange for various transactions.
The statement from the Minister of Finance, Wale Edun, had previously suggested that the Naira was overvalued, and there was a need for a more realistic exchange rate. However, the rapid decline in the Naira’s value to ₦990 raises questions about the factors contributing to this depreciation and its potential impact on the country’s economic stability.
The Nigerian government and relevant authorities may need to closely monitor the foreign exchange market and take measures to address the challenges posed by the weakening Naira. This includes implementing policies to ensure a more stable and predictable exchange rate, as well as addressing underlying economic issues that contribute to currency fluctuations.