Tag
DOLLARS
On Friday, August 23rd, the US Federal Reserve Chair, Jay Powell delivered a much awaited speech at the Jackson Hole symposium hinting at a possible interest rate cut in the coming months.
Financial analysts at United Capital Plc have forecasted that the exchange rate will stabilize, trending between N1,423.26/$ and N1,550/$ by the end of 2024.
Parallel market operators are quoting a buy price above N1,600/$1 for holders of naira looking to buy dollars, as the local currency faces rising pressure.
The Economic and Financial Crimes Commission (EFCC) issued a stern warning to establishments such as schools, supermarkets, hotels, and others, cautioning against the practice of charging for services in dollars or any foreign currency within the country.
Forex turnover dropped by 3.18% to $56.60 as the Nigerian naira tumbled against the dollar marginally on Wednesday, January 24th, 2024, in both the official and black markets.
Current realities have shown that overdependence on oil might affect Nigeria's economy in the long run given its boom-burst nature.
Despite Naira's recent high volatility, none of the fundamental macro indicators has shifted in Naira's favour.
Peter Obi has urged the government and Nigerians to stop using foreign currencies like US dollars for local transactions.
Nigerian Importers are desperate to pay for dollars at any price amid a forex scarcity that has made the black market the go-to destination for the greenback.
As the war in Ukraine persists, the Euro has plummeted to a five-year low compared to the dollar.
A large drop in the prices of cryptocurrencies, including Bitcoin, was seen on Saturday as selling pressure began to gain traction.
Over the past week, the crypto market has been volatile with Bitcoin losing $3K in hours.