Naira dips by N24 to dollar

The Naira depreciated by N24 to close at N385 per dollar on Thursday at the official market. It had exchanged at N361 to a dollar on Wednesday as demand pressure intensified.

The pressure on the Naira was heightened after news of Federal Government’s plan to adopt flexible exchange rate broke.

The International Monetary Fund (IMF), had consistently advised the Central Bank of Nigeria (CBN) to adopt a flexible exchange rate regime to stop inflation rise.

The inflation rate, which rose to 12.4 per cent year-on-year in May continued to rise in recent months as the impact of the Covid-19 pandemic reflected on the economy.

 

 

– The Nation

About Don Saint

PR Guru / Author / Promoter / Controversial Writer / Hip Hop Artiste / Actor / Human Rights Activist. The First Nigerian Hip Hop Artiste to obtain a Masters Degree (M.A) in Arts ( Religion & Human Relations). The author of one of the most controversial books in Nigeria; "Emancipation from Masturbation". With over 12 Movies and 3 Musical albums since 2003. Former Events Manager at Silverbird’s Rhythm Fm Awka Station till 2010. For more info. Call : 08033239298.

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