Naira Hits Record Low Amid Significant Forex Inflows
Thursday, 8 August 2024, 20:11
Naira Hits Record Low Amid Significant Forex Inflows
The Central Bank of Nigeria has revealed that the net foreign exchange flows into the country increased to $25.4 billion in the first six months.
Current Exchange Rate Situation
- The Naira has reached a new low of 1,596 Naira per dollar.
- This decline reflects ongoing challenges in the foreign exchange market.
- Foreign exchange inflows have not stabilized the currency's value.
Conclusion
Despite significant forex inflows, the current devaluation of the Naira indicates deeper economic issues that need addressing. Investors remain cautious as they assess the potential implications for Nigeria's economy.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.