Topic: Naira unification is working? (Read 41 times)
Op this is what we are saying, before you create a thread make a research to see if a similar thread is already created it not. Look at this thread and yours https://bitcointalksearch.org/topic/m.62342501, it would have been better you make a comment in this link instead of making a separate thread to spam the board. I just made a comment on the unofficial thread in the local board here and you were note mindful to read it but was very much mindful to post. I advise you to lock this thread and make comment in the above link thread. And also read the unofficial thread and abide on the rules and go and excel.
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Nigeria should enhance its physical infrastructure, including transportation networks, electricity supply, and internet connectivity.
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The Naira remains under pressure as many Nigerians scramble to acquire dollars for essential expenses, such as tuition, medical care, and import bills.
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Several factors contribute to this predicament, including a significant influx of foreign currency from non-oil sources, such as remittances, tourism, and non-oil exports, into the black market.
I copy all these quotes from the link wey you provide. I no go talk too much on top this. No be rocket science go arrange things. Naira no be Nigeria challenge, so long as pressure dey on exchanging dollar to take important goods or take travel abroad for whatever purpose and we no dey produce what to export, Naira will still be depreciating. The economy lacks factors of production.
https://nairametrics.com/2023/07/22/doubts-creeping-in-as-divergence-between-official-rate-and-black-market-rate-widens/
There is a big gap between them again. How come?
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As of last Friday, Nigeria’s official exchange rate is facing a significant divergence from parallel market rates, inching close to N100/$.
The I & E FX window closed at N777.82/$, while BDC and P2P prices remained stagnant at N870/$.
The widening gap between the Naira’s official exchange rate and the parallel market rate is the widest seen since the currency’s unification, largely driven by an insatiable demand for the US dollar that surpasses the available supply.
Initially, the Central Bank of Nigeria (CBN) hinted at allowing free trade until the currency achieved a market-relevant level.
However, market participants are now expressing concerns that the high demand for foreign exchange might lead to further depreciation of the local currency.
The I & E FX window closed at N777.82/$, while BDC and P2P prices remained stagnant at N870/$.
The widening gap between the Naira’s official exchange rate and the parallel market rate is the widest seen since the currency’s unification, largely driven by an insatiable demand for the US dollar that surpasses the available supply.
Initially, the Central Bank of Nigeria (CBN) hinted at allowing free trade until the currency achieved a market-relevant level.
However, market participants are now expressing concerns that the high demand for foreign exchange might lead to further depreciation of the local currency.
There is a big gap between them again. How come?
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