The Nigerian naira has been experiencing significant fluctuations in recent times. As of February 2024, the currency fell by over 50% against the US dollar, from ₦898 to ₦1,400, before drifting down to ₦1,600 as of July 2024.
Previous Challenges
In 2023, Nigeria faced a major cash crunch due to a shortage of naira cash, which was exacerbated by the government's attempt to introduce new currency notes. This led to widespread protests and a subsequent Supreme Court ruling that invalidated the government's declaration that the old notes were no longer legal tender ¹.
Central Bank of Nigeria's Efforts
The Central Bank of Nigeria (CBN) has been working to stabilize the economy and promote confidence in the naira. In a recent press briefing, CBN Governor Olayemi Cardoso emphasized the importance of financial inclusion in unlocking economic growth, particularly for small and medium-sized enterprises, women, and vulnerable populations.
Digital Currency
In October 2021, Nigeria launched the eNaira, a digital version of the naira, aimed at promoting financial inclusion and reducing inflation. The eNaira is expected to play a significant role in the country's economic development ¹.
Current Exchange Rate
As of the current time, the exchange rate of the naira to the US dollar is approximately ₦1,655 to $1. However, please note that exchange rates can fluctuate rapidly and may have changed since the last update.
Stay informed about the latest developments in the Nigerian naira and their implications for the economy.
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