Naira – Dollar Fall, Cost of Living Rises

Some days ago, Nigerians who are known for their patriotism despite political differences appreciated the CBN for smart moves that led to the rise of the naira.

Other economic analyst posited that there was no backed-up plan to sustain the rise of the naira against United States Dollars ( USD) and warned currency speculators to keep their dollars close by instead of panicking to sell off hurriedly.

In the recent days, naira failed to retain going below one thousand naira to one dollar and started depreciating again which has made many people to panic again.

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Some analysts see the dollar rise to be the handwork of currency speculators that use cryptocurrency exchanges platform to manipulate naira-dollar rate.

Recall that the Federal Government of Nigeria banned Binance Exchange platform in Nigeria as a factor causing the naira depreciation without any market force. The exchange had exited Nigeria but none could say categorically that Binance was the true cause of the naira fall.

When the naira appreciated, the price of foodstuff in the market did not fall and many people asked whether the dollar was actually the reason behind the high cost of the dollar.

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In the happenings, Nigerians are still hopeful of experiencing good economic growth with all criticism geared towards pushing the leaders to be on their toes and make things right at all levels of the government.

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