The Naira has simply crashed! The Nigerian currency is basically on a free fall mode. Today it hit the level of N325 to USD1 on the parallel market. There is mounting concerns about whether devaluation is the next step. The Buhari administration has said in the past that devaluation is not an option. The problem is further compounded by the unprecedented declines in crude oil prices at the oil exchanges.
There is over supply of oil and OPEC and other oil cartels have indicated that supply would not be cut at this time. If this trend continues, Nigeria’s economy would continue to feel the squeeze. The official CBN exchange rate remains at N197 to 1 USD. The Buhari administration campaigned on a promise to achieve a one Naira to one Dollar exchange rate. Today the Naira hit a new record low of 325 before backing off and closing at 318 to 1 dollar. Nigerian importers are in a desperate scramble for foreign exchange to meet their overseas commitments and obligations.
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