Instead of gaining value we are still losing the Naira value day after day. As of this month the Nigeria currency Naira has once again drop down from N485 to N490 against Dollar. This has arisen panic in the country as there is still fear that the Naira might still drop to N500/Dollar this same month at the parallel market, reversing part of the gain it had recorded against the greenback last week.
The local currency, which had fallen to 495/dollar last Thursday, recorded some gains and closed at 485/dollar on Friday according to report.
On Tuesday, three days to the end of the year, the naira traded flat and was sold for 485 per dollar on the streets of Lagos and Abuja. At this time Currency experts have showed up to predicted the naira will still weaken against the greenback as the New Year approaches. Punch Report.
Noted that the naira might fall to 500/dollar this week.
According to report last Monday and Tuesday, the naira traded flat at 490 after closing at 487/dollar the previous Friday.
The naira has been under severe and continuous pressure as the scarcity of the US currency continues to create ripples in the financial markets and economy.
What i still don’t understand, how is the Naira devaluation helping the country currently? If you can, please educate me.